August 12, 2022

Volume XII, Number 224

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SEC Enforcement Division to Increase Size of Crypto Assets and Cyber Unit

On May 3, 2022, the SEC’s Division of Enforcement announced that it will seek to add 20 additional positions to its Crypto Assets and Cyber Unit (formerly known as the Cyber Unit), a special unit tasked with protecting investors in crypto markets and from cyber-related threats. With these additional personnel, the unit will have 50 dedicated positions, including supervisors, investigative staff attorneys, trial counsels and fraud analysts, located in Washington, D.C. and in many regional offices. The expanded unit will focus on investigating violations of the federal securities laws relating to offerings and other transactions in crypto assets, as well as crypto exchanges, decentralized finance platforms, non-fungible tokens (NFTs) and stablecoins.

According to an SEC press release, since its formation in 2017, the unit has brought more than 80 enforcement actions in connection with fraudulent and unregistered crypto offerings and platforms, resulting in more than $2 billion in penalties and disgorgement. Additionally, the unit will continue to investigate  and bring enforcement actions relating to inadequate cybersecurity controls at public companies and other SEC registrants and to focus on issues such as proper disclosure of cyber-related risks and incidents.

The SEC’s press release is available here.

© 2022 Vedder PriceNational Law Review, Volume XII, Number 161
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About this Author

David Soden Investment Attorney Vedder Price Chicago
Associate

David W. Soden is an Associate at Vedder Price and a member of the firm’s Investment Services and Litigation practice groups in the Chicago office.

His practice includes the representation of broker-dealers, investment advisers, family offices, private funds, registered mutual funds, closed-end funds, exchange-traded funds and other financial institutions on a broad range of legal, regulatory, governance, formation, and compliance matters.

Mr. Soden has significant experience in regulatory and compliance matters affecting broker-dealers, investment advisers, investment...

312-609-7793
Jacob Tiedt,Vedder Price law firm investment services attorney
Shareholder

Jacob C. Tiedt is a Shareholder at Vedder Price and a member of the Investment Services group.

Mr. Tiedt’s practice includes the representation of registered mutual funds, closed-end funds and exchange-traded funds; private funds; investment advisers; and other financial institutions on a broad range of regulatory, governance and compliance matters. Mr. Tiedt regularly counsels clients on matters relating to SEC registration, disclosure and compliance; shareholder solicitation; NYSE, Nasdaq and FINRA regulation; corporate governance; and board administration. Mr....

312-609-7697
Nathaniel Segal Investment Attorney Vedder Price Law Firm
Counsel

Nathaniel Segal is counsel at Vedder Price and a member of the Investment Services group. He focuses his practice on investment companies and investment advisers in connection with the organization and operation of investment products and services, including traditional mutual funds, closed-end investment companies (including interval funds and listed closed-end funds), variable insurance products and registered hedge funds, as well as mutual funds utilizing complex hedging and absolute return strategies. Mr. Segal has experience in conducting transactional due diligence...

(312) 609 7747
John Marten Investment Attorney Vedder Price Law FIrm
Shareholder

John S. Marten, a Shareholder in the Chicago office of Vedder Price, has substantial experience representing clients in the investment management industry.

As a member of the firm’s Investment Services group, Mr. Marten counsels clients on a wide variety of matters involving the application of the federal securities laws to investment companies, investment advisers and broker-dealers. He has significant experience counseling investment company clients with respect to new products and was recently involved in the creation of two mutual funds...

(312) 609 7753
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