In a curious twist of fate, Hester Peirceās SEC Crypto Task Force has birthed a new entity, the Cyber and Emerging Technologies Unit (CETU), tasked with the noble pursuit of battling the nefarious Web3-related crimes. This new brigade shall take the place of Gary Genslerās Crypto Assets and Cyber Unit, which, one might say, has gone the way of the dodo.
Yet, dear reader, do not be misled! While the CETU will be hand-in-hand with the Crypto Task Force, crypto-specific enforcement is hardly the apple of its eye. No, its grandest concern lies in the shadowy realm of AIās criminal escapades, alongside other dastardly deeds involving emerging technologies. Who knew that the future would be so… criminal? š¤
The SEC Will Keep Fighting Crypto Crime
Since the departure of Gary Gensler, the SEC has entered a new epoch, one that could be described as unprecedented, or perhaps just plain confusing. The Commission has, in a manner reminiscent of a cat playing with a ball of yarn, retracted its enforcement actions against the industry, reassigning prosecution lawyers as if they were mere chess pieces, and stalling landmark cases like a tortoise in molasses.
Nevertheless, the SEC remains steadfast in its quest to combat crypto crime, and thus, a new unit is born.
āThis new unit will complement the work of the Crypto Task Force led by Commissioner Hester Peirce. The unit will not only protect investors but will also facilitate capital formation and market efficiency by clearing the way for innovation to grow. It will root out those seeking to misuse innovation to harm investors and diminish confidence in new technologies,ā proclaimed Acting Chair Uyeda, perhaps while standing atop a soapbox.
Leading this merry band of 30 lawyers and fraud specialists will be none other than Laura DāAllaird, who must be wondering what she signed up for. The CETU will replace the Crypto Assets and Cyber Unit, a relic of Genslerās reign, and will primarily focus on crimes committed with Web3 technologies. A noble cause, indeed!
At first glance, this development appears to be a contradiction wrapped in an enigma. The SEC has signaled a strong desire to reduce crypto enforcement, as if it were a diet fad. Peirce has claimed that the SEC wishes to delegate its responsibilities over certain sectors, limiting its outreach like a shy child at a party.
However, as Peirce elucidated when announcing the Crypto Task Force, the SEC still holds enforcement close to its heart. The CETU may be cozying up to the Crypto Task Force, but the press release reveals that its actions will not generally concern crypto crime. Instead, it will pursue offenses related to AI, social media, hacking, and moreābecause why not? š
In fact, the CETUās priorities list mentions crypto only once, as the fifth bullet point out of seven main interest areas. Talk about being the wallflower at the dance!
In other words, while the SEC may have a new Web3-specific crime fighter, it does not equate to a crypto crackdown. AI-related criminals are the CETUās top priority, but this industry is as distinct from crypto as a cat is from a dog. š±š¶
And let us not forget, the SEC may already be facing substantial budget cuts; it wouldnāt have the desire or reason to reinstate Gensler-style enforcement in 2025. A comedy of errors, indeed!
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2025-02-20 23:32