• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / News / SEC commissioner rebels against hike of crypto enforcement staff
SEC

SEC commissioner rebels against hike of crypto enforcement staff

May 5, 2022 by Aishwarya shashikumar

Hester Peirce, a member of the Securities and Exchange Commission (SEC), took to Twitter on Tuesday to express her displeasure with the establishment of 20 additional employees to the regulatory agency’s crypto enforcement unit.

Screenshot 14

Earlier on Tuesday, the commission announced plans to raise the number of people working in its newly renamed Crypto Assets and Cyber Unit, which was originally known as the Cyber Unit, from 30 to 50. The team, which is part of the Division of Enforcement, is in charge of “protecting investors in crypto markets and from cyber-related threats,” according to the agency.

Furthermore, Gary Gensler, the chairman of the said Commission, previously stated in September that he intended to expand the unit’s employees.

Peirce, nicknamed “Crypto Mom” by many in the industry for her crypto knowledge, has long been a critic of Gensler’s enforcement-heavy regulatory strategy. Gensler has remained tight-lipped about how crypto firms can adhere to regulations, preferring to regulate using enforcement measures instead.

Peirce also said she wasn’t a part of the cross-government group established by US President Joe Biden’s executive order on crypto in March, in response to an inquiry on Twitter.

SEC tries to curb crypto fraud through additional employment

The Securities and Exchange Commission of the United States plans to hire another 20 staff to oversee coin offerings, non-fungible tokens, and decentralised finance.

With the increases, the commission now has 50 employees committed to investigating law infractions in areas like as coin offers, loans, non-fungible tokens (NFTs), and decentralised finance (DeFi). However, since 2017, the unit has brought over 80 enforcement cases for false and unregistered offerings, resulting in more than $2 billion in monetary relief.

Earlier, Gary Gensler had chastised exchanges like Coinbase (COIN) for failing to register with regulators when offering security-like tokens. He had also stated in September that the expanded area of duty would necessitate “a lot more employees” at the agency.

The latest SEC proposals suggest that enforcement action against DeFi could be expanded, posing significant regulatory dangers. According to sources, the agency is looking into whether or not NFTs should be under its jurisdiction.

Filed Under: News, World Tagged With: Crypto Regulations, Cryptocurrency, Securities and Exchange Commission [SEC]

Primary Sidebar

Recent Posts

  • Level Up Your Avatar: Nike NFTs Enter the World of EA Sports! June 2, 2023
  • Coinhub Bitcoin ATMs: Empowering America’s Crypto Enthusiasts, While Others Face Setbacks June 2, 2023
  • Pro Tips to Keep You on the Winning Streak When Playing Casino Games June 2, 2023
  • Unstoppable Momentum: DigiToads Rises to New Heights, Despite Ethereum’s Reduced Trading Volume June 2, 2023
  • Ethereum’s Gas Fees And Supply On Exchanges Hit Historic Low June 2, 2023

Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2023 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.