8 minSecurityUS Expands Cryptocurrency Security Team to Fight Industry Fraud

8 minSecurityUS Expands Cryptocurrency Security Team to Fight Industry Fraud

The US Securities and Exchange Commission (SEC), the body responsible for monitoring and regulating the country’s capital markets, announced this Tuesday (3) that it will open 20 new vacancies in its Cryptoassets and Cybersecurity Unit, to increase the protection of these sectors.

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According to the statement, the opening of the 20 new vacancies is due to the constant increase in investors who are entering the cryptocurrency market. With a new total of 50 experts, the agency will be able to more carefully and effectively assess the various scams to protect the sector.

The statement also explains which areas the unit, now expanded, will be dedicated to. The agency will act on the following fronts of the cryptocurrency market:

  • Digital asset offerings;
  • Crypto exchanges;
  • Decentralized Finance Platforms (DeFi);
  • NFTs

Biden signed an executive order on cryptocurrencies just under two months ago. (Image: Playback/Gage Skidmore/Creative Commons)
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The announcement of the expansion of the SEC’s Crypto Assets and Cybersecurity Unit comes just under two months after current U.S. President Joe Biden signed an executive order urging U.S. companies to develop recommendations for protecting the cryptocurrency market — a consequence of the constant blows that were being applied in the sector.

At the time, Biden’s signing of the executive order was seen as an achievement for innovation and cryptocurrency industry leaders. Tomicah Tillemann, a former member of the US State Department who recently joined a venture capital firm whose name has not yet been made public, even told The Washington Post that the document launched a serious and informed discussion about the topic.