Katherine Reilly, acting inspector general at the SEC, has prioritized cryptocurrency fraud as a key regulatory focus following significant investor losses of $3.96 billion in 2023 due to scams.
This emphasis reflects growing concerns among investors, as 18% of SEC complaints were related to crypto fraud. Reilly aims to improve internal oversight and resource allocation to enhance network security.
The recent SEC Twitter breach highlighted Bitcoin's volatility, causing a $1,000 drop in its price, demonstrating the critical importance of cybersecurity in financial regulation.
Experts note that the SEC faces challenges in resource allocation and recruitment for technical talent amidst strict regulations, which could impact digital asset security standards.
Full story here: https://coincu.com/338684-sec-focus-crypto-fraud-reilly
