SEC Launches New Unit to Combat Crypto Fraud and Cyber Crimes
The U.S. Securities and Exchange Commission (SEC) has launched a new unit, the Cyber and Emerging Technologies Unit (CETU), to tackle crypto fraud and cyber crimes. Headed by Laura D'Allaird, the unit comprises around 30 specialists and aims to bolster enforcement against emerging technology fraud.
The CETU will focus on various aspects of cybersecurity and fraud. It will scrutinize fraudulent disclosures by public issuers related to cybersecurity and ensure compliance with relevant rules. The unit will also address fraud using emerging technologies like AI and machine learning, deceptive practices via social media, the dark web, or fraudulent websites. Additionally, it will tackle hacking incidents, unauthorized account takeovers, and fraudulent schemes involving blockchain technology and crypto assets.
Acting Chairman Mark T. Uyeda stated that the CETU will complement the work of the Crypto Task Force and allow for judicious deployment of enforcement resources. The establishment of the CETU demonstrates the SEC's commitment to protecting investors in the era of rapid technological innovation and maintaining market integrity. D'Allaird, also counsel to SEC Commissioner Jaime Lizárraga, leads the unit.
The new Cyber and Emerging Technologies Unit, led by Laura D'Allaird, will strengthen the SEC's ability to combat crypto fraud and cyber crimes. With a focus on emerging technologies and fraudulent practices, the CETU aims to protect investors and maintain market integrity in the digital age.
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