Tag: Cyber and Emerging Technologies Unit

SEC announces new Enforcement unit for cyber and emerging technologies

At the end of last week, the SEC announced the establishment of a new Cyber and Emerging Technologies Unit, designed to replace the current Crypto Assets and Cyber Unit and to complement the work of the newly established Crypto Task Force led by Commissioner Hester Peirce. (Here’s her new statement soliciting public feedback for the new Task Force.)  The new CETU, which will be composed of approximately 30 fraud specialists and attorneys across multiple SEC offices, is likely to reflect something of a shift in approach to Enforcement in this area, focusing more on “combatting cyber-related misconduct and protect[ing] retail investors from bad actors in the emerging technologies space.”   According to Acting Chair Mark Uyeda, “[i]mportantly, 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.”