SEC bolsters crypto investigator ranks

The US Securities and Exchange Commission (SEC) has increased its staff working on various crypto-related matters to 516. The regulator began hiring trained professionals in 2020.

With Bitcoin (BTC) just under $40,000, interest in cryptocurrencies has remained solid, even though the Federal Reserve cautioned that a BTC crash to $10,000 may come at some point this year.

The watchdog wants to ensure that consumers and investors are protected, according to Yahoo Finance’s Jennifer Schonberger. She explained that the latest hiring included 20 investigators to the Crypto Assets and Cyber Unit, which will be used to crack down on illegal crypto operations.

The Cyber Unit is also tasked with taking on Russian oligarchs and sanctioned individuals who may be trying to skirt financial penalties through the use of cryptocurrency.

The Crypto Assets and Cyber Unit has already reported successes in several cases, seizing illicit funds and tracking various Ponzi schemes and rug pulls.

SEC is working hard on making sure that it can monitor and track all aspects of the experience Schonberger said. That includes crypto products such as NFTs, stablecoins, decentralized finance platforms, crypto lending platforms, exchanges and others.

The good news is that SEC will have a much clearer set of criteria about what it expects from the industry.

In the meantime, you can bet at various crypto sites such as Bitcasino, 1xBit or FortuneJack without breaking any of SEC’s existing rules.

Source

Updated: 05/04/2022 — 13:00