The United States Securities and Exchange Commission (SEC) is seeking to hire more people to focus on digital assets, raising the number of personnel charged with safeguarding investors in cryptocurrency markets almost twofold.
The SEC’s Cyber Unit, which comprises the Crypto Assets and Cyber team, is expected to hire 20 new people to increase the overall force to 50 dedicated positions, as reported by Cointelegraph on May 3. This development comes as the regulatory body attempts to keep up with the rise in the popularity of virtual assets.
The SEC’s decision to expand its cryptocurrency unit has been praised by industry experts, with Dr. Anna Becker, CEO and co-founder of EndoTech, calling it “a welcome development.” She believes that enhanced security, regulation and complex financial investment solutions will enable digital currencies to become more accepted.
On crypto firms working together with with regulators, Becker told Cointelegraph that “When we collaborate to set and uphold the rules, we will create a market that serves the public and gives them the opportunity to make money with proper protection.” She added:
“This market is still in its infancy. When it comes to crypto trading, we need the same types of safeguards that have developed in equity and other mainstream markets over the years. These will enable crypto to develop into a more robust asset class with more advanced financial tools.”
Jay Fraser, head of strategy at BSTX, believes that crypto companies should interact with regulators. He noted that the severity of recent price declines might be partly…