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FameEX Hot Topics | US SEC actively pursuing the expansion of its Crypto Assets and Cyber Unit

2023-04-12 11:05:30

Over the past year, regulators in the United States have been scrutinizing the crypto industry more closely, with the SEC leading the effort. The recent collapse of FTX and Silicon Valley Bank has further fueled the SEC's efforts, prompting the agency to post job openings on the government careers website for general attorneys in New York, San Francisco, and Washington D.C. for its Crypto Assets and Cyber Unit in the Division of Enforcement. The duties of these attorneys will include conducting complex and fast-paced investigations into crypto-asset securities and cyber issues, drafting subpoenas or document requests, interviewing witnesses, evaluating evidence, and more.

In March, SEC Chair Gary Gensler requested nearly $2.4 billion in funding to pursue crypto "misconduct." Additionally, local regulators plan to impose new taxes on the industry. Some insiders fear that these regulations may "choke" the sector and stifle innovation. 
The SEC's increasingly aggressive stance is evident in the recent closure of the Beaxy cryptocurrency exchange, which was brought about by multiple charges filed against the company's founder. Furthermore, Japan-based Sushi DAO is facing a subpoena from the SEC.

However, not all regulators agree with the SEC's approach. Representative Tom Emmer has criticized Gensler and his methods of industry oversight, calling him a "bad faith regulator." This indicates a lack of trust in Gensler's intentions. While the SEC's objective is to safeguard investors and prevent fraud, its heightened pressure on the crypto industry is a cause for concern among some insiders. As the regulatory environment continues to evolve, it remains to be seen how these efforts will impact the growth and development of the crypto industry in the United States.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.

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