With the new leadership at the U.S. Securities and Exchange Commission (SEC), significant changes have emerged in the approach to cryptocurrency regulation. Former SEC official John Reed believes the era of crypto enforcement is over.
End of Crypto Enforcement by SEC
John Reed, a former SEC official, expressed on social media that the agency's enforcement in the cryptocurrency space is essentially over. He highlighted that the renaming of the unit from 'Crypto Assets and Cyber Unit' to 'Cyber Emerging Technologies Unit' reflects the shift in priorities.
New SEC Strategy on Emerging Technologies
Laura D'Allaird, the newly appointed chief of the Cyber and Emerging Technologies Unit, outlined that the SEC has refocused on combating fraud across various emerging technologies. She indicated that the SEC is interested in preventing abuses related to innovative technologies, including blockchain.
Priorities of New SEC Leaders
According to D'Allaird, the SEC needs to be 'nimble' in responding to changes in technology. The unit will focus on both investigating fraud using emerging technologies and ensuring compliance with cybersecurity standards. She emphasized the importance of protecting investors and avoiding old frauds masked as new schemes.
The changes taking place within the SEC indicate a new strategy focused on current technologies and their safe utilization. This reflects the SEC's readiness to adapt to the rapidly changing technological landscape.
