SEC Announces Newly Named Crypto Assets And Cyber Unit

The Securities and Exchange Commission (SEC) and its Chair Gary Gensler are making good on their promise to increase oversight of the crypto markets. On May 3, 2022, the SEC announced that it would allocate 20 additional positions to the unit newly named as the Crypto Assets and Cyber Unit within the Division of Enforcement.¹ This unit, formerly known as the Cyber Unit, now has 50 dedicated positions to enforcing potential securities law violations relevant to crypto asset offerings, crypto asset exchanges, crypto asset lending and staking products, DeFi platforms, non-fungible tokens (NFTs), and stablecoins. In fact, the unit has brought more than 80 enforcement actions related to crypto asset offerings and platforms, with more than $2 billion in monetary relief, since its creation in 2017. The unit has also brought actions against public companies and companies registered with the SEC for failing to maintain adequate cybersecurity controls or for failing to