SEC To Hire More Crypto Cops to Fight Anti-Crypto Scam Efforts

The U.S. Securities and Exchange Commission (SEC) hires 20 enforcement staff to protect investors from crypto scams and digital fraud.

The additional 20 members of the staff now bring their total force to 50 officers to enforce law violations when it comes to digital currencies.

The unit was initially formed in 2017 and since then has made more than 80 enforcement actions for fraud with a total monetary relief of over $2 billion.

SEC Chairman Gary Gensler had previously come after Coinbase for not registering with regulators when it offered security-like tokens. In September, Gensler said this responsibility would require “a lot more people.”

Recent SEC proposals have suggested extending their responsibilities to DeFi, and are considering whether NFTs should fall under its jurisdiction.

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