The Securities and Exchange Commission will add 20 jobs to its Crypto Assets and Cyber Unit, the agency said in a press release.
The additions will bring staffing at the W “Crypto markets have exploded in recent years, with retail investors bearing the brunt of abuses in this space,” SEC Enforcement Director Gurbir Grewal said in a written statement. “The bolstered Crypto Assets and Cyber Unit will be at the forefront of protecting investors and ensuring fair and orderly markets in the face of these critical challenges.” The move comes as digital currencies and assets continue to surge in popularity. Wall Street is heavily investing in the space, with Fidelity saying last week that it would add bitcoin to its 401(k) retirement funds. The agency announced it’s aiming to rigorously regulate the $1.7 trillion cryptocurrency market and is also investigating fraud related to non-fungible tokens, or NFTs.
