The Securities and Exchange Commission (SEC) has announced the formation of the Cyber and Emerging Technologies Unit (CETU) to focus on combatting cyber-related misconduct and to protect retail investors from bad actors in the emerging technologies space.
Laura D’Allaird has been appointed leader of the new unit and will oversee around 30 fraud specialists and attorneys across multiple SEC locations.
The CETU replaces the current Crypto Assets and Cyber Unit.
It will work to prevent fraud committed using technologies such as AI and machine learning and focus on a number of areas including the use of social media, the dark web and fraud involving blockchain technology and cryptocurrency assets.
Additionally, it will work to ensure the compliance of regulated entities with cybersecurity rules.
Acting Chairman Mark T. Uyeda said that the new department 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,” he added. “It will root out those seeking to misuse innovation to harm investors and diminish confidence in new technologies.”
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