SEC Turns Crypto Watchdog Against Broader Web3 Crime
Hester Peirce’s SEC Crypto Task Force is setting up a new entity, network and emerging technology division (CETU) to fight Web3-related crimes. CETU will replace Gary Gensler’s crypto assets and network units.
Although the CETU will work closely with the crypto task force, crypto-specific execution is far from its top priority. Its biggest concern will be to use emerging technologies to fight other crimes.
SEC will continue to fight crypto crime
Ever since Gary Gensler left the SEC Federal crypto regulations It has entered a new unprecedented era. In some respects, the Commission has withdrawn substantially the enforcement action against the industry, Reassigning prosecution lawyers and Stagnant landmark case From the previous government.
However, the SEC still wants to fight crypto crime and is building new unit.
“This new department will complement the work of the crypto task force led by Commissioner Hester Peirce. The department will not only protect investors, but will also promote capital formation and market efficiency by clearing the path to innovation. It Will take root for those who try to abuse innovation to damage investors and reduce confidence in new technologies,” said Acting Chairman Uyeda.
The CETU will be led by Laura D’Allaird and consist of approximately 30 lawyers and fraud experts. It will replace crypto assets and network units created under Gary Gensler. This new team will focus on crime using Web3 technology.
At first, this development seemed paradoxical. In many ways, the SEC has demonstrated its strong willingness to reduce comprehensive crypto enforcement.
Pierce claims it wants Delegate its responsibilities to certain industriesrestrict its publicity. But, as Peirce explains Announcement of the Crypto Working GroupSEC still prioritizes law enforcement.
The CETU may work closely with the SEC’s crypto task force, but the press release shows that its actions usually do not involve crypto crimes. For example, it will sue Crimes related to artificial intelligence, social media, hacking, etc..
In fact, the CETU priority list only mentions cryptocurrencies, the fifth bullet in seven major areas of interest.
In other words, the SEC may have new Web3-specific crime fighters, but that still doesn’t equal encrypted calm. AI-related criminals are a top priority for CETU, but the industry makes sense with cryptocurrencies.
The SEC may already be Faced with massive budget cuts;It has no desire or reason to restore Gensler-style law enforcement in 2025.
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