SEC creates Cyber and Emerging Technologies Unit

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The CETU, led by Laura D’Allaird, replaces the Crypto Assets and Cyber Unit and is comprised of approximately 30 fraud specialists and attorneys across multiple SEC offices.

The new unit is smaller than its predecessor and reflects the US Government’s desire to rip off the regulatory straight jacket that has been strangling the cryptocurrency space.

SEC acting chairman Mark Uyeda, says: “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.”

The CETU will seek to root out fraud committed using emerging technologies, such as artificial intelligence and machine learning, hacking and takeover of retail brokerage accounts and the use of social media, the dark web, or false websites to perpetrate fraud.

With a looser regulatory regime incoming for the crypto space, backed by a powerful government lobby, the CETU will likely have its work cut out for its final ambition of “combatting fraud involving blockchain technology and crypto assets”.