The United States Securities and Exchange Commission, under acting chairman Mark Uyeda, launched a special unit to combat fraud in Crypto and other Areas.
The Special unit called the Cyber and Emerging Technologies Unit (CETU) is tasked to combat fraud in various areas, including Blockchain, Social media and the Dark Web.
The announcement was made public via a press release by the SEC announcing the new unit and the individual slated to head it.
The new unit, CETU, will be led by Laura D’Allaird and will replace the Crypto Assets and Cyber Unit.
The Unit is comprised of approximately 30 fraud specialists and attorneys across multiple SEC offices.
Under Laura’s leadership, this new unit will complement the work of the Crypto Task Force led by Commissioner Hester Peirce. Importantly, the new unit will also allow the SEC to deploy enforcement resources judiciously,” said Acting Chairman Mark T. Uyeda.
“The unit will not only protect investors but will also facilitate capital formation and market efficiency by clearing the way for innovation to grow. It will root out those seeking to misuse innovation to harm investors and diminish confidence in new technologies.” Mark Added.
The formation of CETU is the second crypto-related move by the SEC. Commissioner Hester Pierce, fondly known as “Crypto Mum,” was appointed to lead the Crypto Task Force earlier this month.
CETU Oversight
The new special unit is tasked with enforcing compliance and rooting out fraud in Cyber and Emerging Technologies. The Job description of the new unit includes.
- Fraud committed using emerging technologies, such as artificial intelligence and machine learning
- Use of social media, the dark web, or false websites to perpetrate fraud
- Hacking to obtain material nonpublic information
- Takeovers of retail brokerage accounts
- Fraud involving blockchain technology and crypto assets
- Regulated entities’ compliance with cybersecurity rules and regulations
- Public issuer fraudulent disclosure relating to cybersecurity
Mark T Uyeda is the acting chairman of the SEC and the man behind the Pro crypto reforms in the Commission. Mark is expected to step down for Paul Atkins pending his confirmation by the Senate.
