The SEC has led 80 enforcement actions against individuals and agencies related to fraudulent and unregistered crypto assets. So far, it has resolved disputes through cash settlements, although it is currently in the middle of taking legal action with the massive crypto exchange Binance.
Edward Moya, senior market analyst at OANDA, told Insider via email that the SEC’s move to strengthen its enforcement team is still well behind the growth of the cryptocurrency market.
“Crypto watchers have been waiting several months for the SEC to boost their presence regulating cryptos,” Moya said. “It seems the crypto unit staff is growing too slow to keep up with all the new projects and fraud that is already happening in the cryptoverse.”
