SEC Launches New Cyber and Emerging Technologies Unit to Combat Crypto Fraud
The U.S. Securities and Exchange Commission (SEC) has established a new unit, the Cyber and Emerging Technologies Unit (CETU), to tackle crypto fraud and cyber crimes. Led by Laura D'Allaird, the CETU comprises around 30 fraud specialists and attorneys from various SEC offices.
The CETU replaces the Crypto Assets and Cyber Unit and complements the work of the Crypto Task Force led by Commissioner Hester Peirce. It will address hacking incidents, unauthorized account takeovers, and fraudulent schemes involving blockchain technology and crypto assets. The unit's broad mandate includes combating AI-driven fraud and enforcing cybersecurity standards in the digital marketplace.
The CETU will also focus on fraud using emerging technologies like artificial intelligence and machine learning, as well as deceptive practices via social media, the dark web, or fraudulent websites. Its proactive measures aim to maintain market integrity and boost investor confidence as new technologies reshape financial markets.
The creation of the CETU is a significant step by the SEC to protect investors in an era of rapid technological innovation. Led by D'Allaird, the unit will protect retail investors, boost capital formation, and enhance market efficiency by targeting schemes exploiting emerging technologies for fraud. It will also ensure regulated entities comply with cybersecurity rules and scrutinize fraudulent disclosures by public issuers related to cybersecurity.
Read also:
- Industrial robots in China are being installed at a faster rate than in both the United States and the European Union, as the global market for these robots faces a downturn.
- Undeads Games Reaches $30 Million TVL and Gears Up for MMORPG Debut
- Hyundai N affirms transition to hybrid performance-centric models, initiating with Tucson N
- Bank of America reveals investigation into Zelle platform, hints at potential legal action
