- The SEC formed the Cyber and Emerging Technologies Unit (CETU), led by Commissioner Laura D’Allaird
- CETU targets misconduct tied to emerging technologies, from cyber threats and hacking incidents to compliance enforcement and disclosure scrutiny.
- The unit is part of Commissioner Hester Peirce’s Crypto Task Force, aiming to protect investors while fostering innovation.
The US Securities and Exchange Commission (SEC) has announced the establishment of a new division, called the Cyber and Emerging Technologies Unit (CETU), with the aim of boosting the agency’s enforcement efforts in areas like blockchain, artificial intelligence (AI), and cybersecurity.
Headed by US attorney and SEC Commissioner Laura D’Allaird, CETU comprises approximately 30 fraud specialists and other attorneys drawn from various divisions within the SEC. Notably, the initiative replaces Gary Gansler’s former Crypto Assets and Cyber Unit and will dedicate more time to addressing the misconduct of these technologies.
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To be more specific, CETU’s primary mandate is to address irregularities in securities transactions that arise from emerging technologies, which includes countering cyber threats, tackling hacking incidents aiming at non-public information; ensuring regulated entities are compliant with the law, and even monitoring projects and scrutinise public asset issuers to reassure the accuracy of their financial and technological disclosures.
In an official statement, Acting Chairman Mark T. Uyeda emphasized that CETU will complement the ongoing work of the Crypto Task Force, led by Commissioner Hester Peirce.
“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. 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.”
Many things have changed in the SEC now that the Trump administration has taken over. Funny enough, the agency voluntarily withdrew its appeal of a lawsuit on expanding the “dealer” definition.
Interestingly enough, the SEC also filed motions to stay proceedings in enforcement cases against Binance, Coinbase, and Lejilex (but not Ripple Labs) which is sort of a hint, if one wishes to see it that way, at creating a more comprehensive regulatory framework for crypto, but anything is possible at this point and it’s too early to say.
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