SEC unveils new cyber unit to complement crypto task force

The United States (US) Securities & Exchange Commission (SEC) announced on Thursday that it has rolled out its Cyber and Emerging Technologies Unit (CETU) tasked with combating cyber crimes in crypto, in cooperation with the crypto task force.

SEC set to curb crypto cyber crimes with new unit led by Laura D'Allaird

The SEC expanded its crypto regulatory reforms with the announcement of its Cyber and Emerging Technologies Unit (CETU).

The new crypto unit will replace the Crypto Assets and Cyber Unit, formed in 2017.

CETU aims to tackle issues relating to crypto cyber crimes to help prevent bad actors from harming retail investors.

"The unit will not only protect investors but will also facilitate capital formation and market efficiency by clearing the way for innovation to grow," said SEC acting Chair Mark Uyeda. 

CETU will be led by SEC Attorney Laura D'Allaird, who was formerly co-chief of the now obsolete Crypto Assets and Cyber Unit.

The new unit, which has 30 staff members, will function in close ties with the crypto task force under Commissioner Hester Peirce.

"Under Laura's leadership, this new unit will complement the work of the Crypto Task Force led by Commissioner Hester Peirce," Uyeda further noted.

CETU's rollout contributes to the new SEC administration's attempt to provide clear regulatory frameworks for crypto innovations to thrive.

The agency, under Mark Uyeda, has made several moves to this effect, including the approval of a yield-bearing stablecoin, YLDS, as an SEC-registered public security.

Launched by DeFi company Figure Markets, YLDS is designed to provide fixed-price, daily accrual returns and operates natively on the Provenance Blockchain.

The company stated that YLDS investors could earn yield and transfer their crypto 24 hours a day.