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SEC Ramps Up Fight Against Crypto Fraud

2 mins
Updated by Adam James

In Brief

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In its annual report, the U.S. Securities and Exchange Commission (SEC) claimed it would be prioritizing the targeting of cyber fraud and misconduct in the digital asset space, while more aggressively pursuing penalties against wrongdoers.
The Securities and Exchange Commission and its Division of Enforcement in the United States are the organizations which are responsible for enforcing securities laws and protecting investors while punishing those involved with fraud and wrongdoing. Its new initiative will be primarily focused on security and the needs of the main street retail investor by providing enforcement of regulations, protecting investors from fraud, and educating investors on measures and matters to better protect themselves. SEC The first section, titled ‘Policing Cyber-Related Misconduct,’ details the organizations’ efforts to ramp up investigations within the scope of ‘cyber-related misconduct’ and reported bringing proceedings to 20 standalone cases. They are currently involved in more than 225 cases in the current fiscal year. In the aftermath of the Initial Coin Offering (ICO) tsunami which propelled the altcoin market alongside Bitcoin’s sharp price increase throughout 2017, regulators have come to realize that the cryptocurrency and digital asset space is growing tremendously. Unfortunately, anytime there is a market that is creating huge amounts of wealth, there are going to be individuals and organizations willing to take advantage of the inexperienced and uneducated. Both the SEC and the majority of those invested in the digital asset space want more clarity on the rules and regarding ICOs and the way those projects are allowed to conduct business. Widespread adoption of digital assets can ultimately only be achieved when investors, users, and regulators are all on the same page with common-sense and practical rules and have a fine-tuned system to enforce those rules. What are your thoughts on the SEC’s annual report? Will the commission be able to keep up with the evolving technology and market to actually have an impact? Let us know in the comments below! 


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