- The SEC has been renamed the encryption asset of execution and the cyber and emerging technology departments of the cyber unit (CACU).
- The focus of CETU is to fight the encryption fraud and cyber crime.
The US Securities and Exchange Commission has announced a new execution department that focuses on fighting encryption fraud and cyber crime.
The SEC announced the formation of a new unit on February 20.
In the press release, SEC said it created CETU (Cyber and Emerging Technologies Unit). It is to fight cyber -related crimes within the rapidly growing emerging technology space.
A new device of SEC to complement the encryption task force
The CETU replaces the encryption asset and cyber device (CACU) of the SEC. The core work is to comply with the views on the protection of retail investors.
Laura D ‘Allaird will lead a CETU team consisting of about 30 fraudulent experts and lawyers, the regulators announced. The press release also stated that these experts and lawyers would come out of several SEC offices.
SEC’s acting chairman Mark T. Uyeda said the department will compensate for the recently launched Crypto Task Force’s efforts. Task Force, released in January 2015, is led by the head of the Hester Peirce.
Uyeda pointed out that CETU’s work will be “SEC can be carefully deployed.”
He added:
“This department will not only protect investors, but also promote capital formation and market efficiency by arranging the way for innovation to grow. It will eradicate those who want to misuse investors and misuse innovation to reduce trust in new technology. ”
Priority areas of the new device include fraud committed through encryption, blockchain, AI and machine learning, social media, dark web or fake websites. Hackers will also be in the new department’s radar, just like events related to the acquisition of a retail brokerage account.
The SEC also gives the authority to ensure that the executive department can comply with cyber security regulations.