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SEC Launches New Crypto Crime Fighting Unit
The regulator is taking a new approach to the digital asset industry under the Trump Administration.

The Securities and Exchange Commission is launching a new organization tasked with combatting crypto-related crime.

In a Thursday announcement, Wall Street’s top regulator said the new Cyber and Emerging Technologies Unit will work with the SEC’s crypto task force to “root out those seeking to misuse innovation to harm investors and diminish confidence in new technologies.”

It will replace the Crypto Assets and Cyber Unit and will be made up of around 30 fraud specialists and lawyers from across the SEC, the statement noted. SEC attorney Laura D’Allaird will lead the new unit.

Back in 2020, D'Allaird was one of the attorneys who worked on the SEC's case against messaging service Kik Interactive, which the SEC alleged offered its Kin digital tokens in violation of the federal Securities Act.

Back in 2017, Kik sold $50 million in Kin tokens as part of a private pre-sale to 50 investors. As part of this “Simple Agreement for Future Tokens,” or SAFT, investors understood they were getting in at a discount. They explicitly agreed that they were buying a security.

Now, D'Allaird's new crypto unit will work with the regulator's new crypto task force dedicated to working on digital asset regulation. Under the Biden Administration, the SEC cracked down hard on the space as its former Chair Gary Gensler repeatedly said that the vast majority of digital assets fell under the definition of a security.

But following the election of Republican President Donald Trump—a far more crypto-friendly candidate—the regulator has said it wants to take a different approach to overseeing the industry.

Acting SEC Chairman Mark T. Uyeda said in Thursday’s statement that “the [Cyber and Emerging Technologies Unit] will not only protect investors, but will also facilitate capital formation and market efficiency by clearing the way for innovation to grow.”

$BTC 🚨🚀 U.S Bank FOMO Bitcoin ETF, SEC Asked to Adjust Rules !!

Major banks and financial institutions in the United States are pushing the United States Securities and Exchange Commission (SEC) to readjust the definition of crypto assets

This adjustment can allow them to have a bigger role in crypto, one of which is acting as a crypto custodian.

According to Eric Balchunas, Bloomberg ETF analyst of U.S. banks, which no longer plays a major role, it's this Bitcoin ETF that led them to push the SEC to change guidance around digital asset ownership.

Until now, banks in the US have not obtained permission to engage as custodians. On the other hand, other ETFs generally provide a role for banks as custodians.

Bitcoin weekly newsletter author TheBitcoin Therapist said, "Bankers are getting annoyed that they can't provide Bitcoin ETFs to their customers. FOMO Q1 is already driving them crazy."

what do you think ????

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