Cryptocurrencies may find a new sense of freedom with Trump’s recent actions, but this does not imply that fraudsters can operate unchecked. Recently, we witnessed significant events within the Solana $126 network, where billions in liquidity ended up in the pockets of community leaders. In response, short-selling of SOL Coin surged while meme coins on the network faced substantial declines.
SEC’s Approach to Cryptocurrencies
As the fight against fraud continues, irrelevant lawsuits will not be filed against crypto firms. The SEC has announced the formation of a new Cyber and Emerging Technologies Unit, which will focus on tackling cyber-related abuses. This unit, known as CETU, will especially target individual investors, and its name is likely to become widely recognized in the future. Laura D’Allaird has been appointed to lead this new initiative.
The SEC’s official announcement includes the following details:
“CETU replaces the Crypto Assets and Cyber Unit and comprises approximately 30 fraud specialists and lawyers from multiple SEC offices.”
- CETU will primarily combat fraud in areas including:
- Crimes involving emerging technologies like artificial intelligence and machine learning.
- Fraud via social media, the deep web, and fake websites.
- Hacking to acquire important non-public information.
- Fraud related to blockchain and cryptocurrencies.
Temporary SEC Chairman Mark Uyeda stated:
“Under Laura’s leadership, this new unit will complement the work of the Crypto Task Force led by Commissioner Hester Peirce. More importantly, the new unit will allow the SEC to allocate enforcement resources more efficiently.
The unit will not only protect investors but also facilitate the growth of innovation, enabling capital formation and market efficiency. It will root out those seeking to abuse innovation to harm investors and undermine trust in new technologies.”