Ah, dear reader, have you heard the latest news from the esteemed U.S. Securities and Exchange Commission (SEC)? They have graced us with the creation of a new unit, the Cyber and Emerging Technologies Unit (CETU). This grand announcement comes as a replacement for the Crypto Assets and Cyber Unit, which was born in 2017 and expanded in 2022.
The noble purpose of this new unit, you ask? Why, to combat fraud in the ever-evolving realms of crypto, artificial intelligence (AI), and other digital wonders. As if the previous unit was not enough, CETU shall focus on stopping scams and ensuring that companies adhere to the rules in these rapidly changing digital markets.
Leading this valiant effort is the illustrious Laura D’Allaird, who has been with the SEC for years and was previously the co-chief of the Crypto Assets and Cyber Unit. She has also served as a legal advisor to former SEC Commissioner Jaime Lizárraga. Quite the impressive resume, wouldn’t you agree?
CETU shall consist of approximately 30 experts in fraud and law from various SEC offices. This team of intrepid investigators shall delve into fraudulent activities involving AI, crypto scams, hacking, and false cybersecurity claims by companies.
SEC Acting Chairman Mark Uyeda has declared, “The unit will not only protect investors but will also facilitate capital formation and market efficiency by clearing the way for innovation to grow.” He further stated that CETU will target bad actors who exploit new technologies to deceive investors. Uyeda also emphasized the SEC’s desire to ensure that people can trust digital markets while adhering to the rules.
In addition to working with the Crypto Task Force, which was established in January and is led by Republican Commissioner Hester Peirce, CETU will focus on fraud while Peirce’s team will work on making crypto rules easier to understand. Peirce has expressed her desire to make it simpler for crypto companies to register so they can continue innovating without confusion.
This change comes under the new Trump administration, which has a different approach than the previous SEC Chair Gary Gensler. Gensler was quite strict on crypto, viewing most tokens as securities that required regulation. Uyeda, however, suggests that the SEC adopt a more balanced approach, ensuring investor safety while allowing new technologies to flourish.
CETU shall also investigate fraudulent activities on social media, fake websites, and hidden sites on the dark web. Other targets include hacking to steal private financial information and scams where criminals take over brokerage accounts. The SEC has also pledged to check if regulated companies are following cybersecurity rules and punish those that do not.
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2025-02-20 20:20