\n
![](\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvZWI1Zjc2NzctZTgxZC00ZGYzLWI3NWUtMzQ1MWMxNjNlNzY5LmpwZw==.jpg\")
<\/p>\n
\n<\/p>\n
The United States Securities and Exchange Commission (SEC) announced<\/a> Tuesday that it would nearly double the number of personnel responsible for safeguarding investors in cryptocurrency markets.\u00a0<\/p>\n As per the announcement, the SEC\u2019s Cyber Unit, which includes the Crypto Assets and Cyber team, will hire 20 new people for 50 dedicated positions.<\/p>\n The SEC stated that the 20 hires would include investigative staff attorneys, trial lawyers and fraud analysts. Chair Gary Gensler praised the appointments as long overdue and essential to overseeing one of Wall Street\u2019s newest and most popular sectors.<\/p>\n This is welcome news to many who have been concerned about the potential for market manipulation and other\u00a0fraudulent activities in the crypto space<\/a>. In recent months, the SEC\u2019s crypto unit \u201chas successfully brought dozens of cases against those seeking to take advantage of investors in crypto markets,\u201d Gensler stated, adding:<\/p>\n \u201cBy nearly doubling the size of this key unit, the SEC will be better equipped to police wrongdoing in the crypto markets while continuing to identify disclosure and controls issues with respect to cybersecurity.\u201d<\/p><\/blockquote>\n SEC director of enforcement Gurbir S. Grewal said that the majority of crypto-related securities fraud victims are individuals. According to Grewal, cyber-attacks continue to pose an \u201cexistential\u201d risk to the U.S. financial system. \u201cThe bolstered Crypto Assets and Cyber Unit,\u201d he said, will be at the forefront of safeguarding investors and the broader markets.<\/p>\n JOB ALERT<\/p>\n Today is the last day to apply for the Division of Enforcement’s Los Angeles Regional Office Supervisory Trial Attorney position. <\/p>\n Interested applicants, apply here: https:\/\/t.co\/nXjXlGvafx<\/a>#SECGovJobs<\/a><\/p>\n \u2014 U.S. Securities and Exchange Commission (@SECGov) April 27, 2022<\/a><\/p><\/blockquote>\n The announcement comes after nearly eight months of pleading for more personnel. Gensler reportedly told<\/a> lawmakers that his agency needed much more staff to confront the ever-increasing number of new financial technologies. <\/p>\n Related: <\/em><\/strong>Congress tells SEC redefining long-standing concepts would be bad for digital ecosystem<\/em><\/strong><\/a><\/p>\n Last month, Gensler emphasized that the SEC\u2019s protections for investors of traditional assets should also apply to crypto traders. In a come in and talk to us<\/a>\u00a0approach, Gensler has urged crypto firms with securities to register in order to safeguard investors. The lack of regulatory clarity<\/a> in the United States, which is affected by various authorities including the SEC, Commodity Futures Trading Commission and Financial Crimes Enforcement Network, has been criticized by several cryptocurrency firms<\/a>.<\/p>\n<\/div>\n\n