The director of the Securities and Exchange Commission’s (SEC) enforcement division told a House subcommittee that he needs more people to handle the agency’s cryptocurrency actions — after nearly doubling the size of the unit in May.
SEC Director of Enforcement Gurbir Grewal told the House Financial Services Subcommittee on Investor Protection, Entrepreneurship and Capital Markets that enforcement actions against crypto companies are straining his resources, even though he hired 20 new positions — lawyers, investigators and analysts — to increase the staff of the Crypto Assets and Cyber Unit to 50.
According to a report in CoinDesk, when a member of the subcommittee, Rep. Sean Casten, D-Ill., asked whether Grewal had sufficient resources, Grewal suggested he would need more — a lot more.
“We’re making the best with the additional 20 slots,” he replied, “and then we’re hopeful to get the 125 additional slots we’ve asked for.” It wasn’t clear if the 125 new hires would be for the whole enforcement division or just the crypto unit.
Earlier this week, Sen. Elizabeth Warren, D-Mass., urged the SEC to take a stronger stand on cryptocurrency, especially in the wake of the plunge in crypto values.
Speaking to Yahoo Finance Sunday, Warren said “the SEC has a responsibility to use its authorities to put guardrails in place and crack down on crypto actors that break the rules.”
“Too many crypto firms have been able to scam customers and leave ordinary investors holding the bag while insiders make off with their money.”
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Judge Mehta Questions Both Sides in Landmark Google Antitrust Case
May 2, 2024 by
CPI
FCC Urges Urgent Funding for Removal of Chinese Telecom Equipment from U.S. Networks
May 2, 2024 by
CPI
Former Pioneer CEO Facing Potential Criminal Charges For Colluding With OPEC
May 2, 2024 by
CPI
South Korea’s Antitrust Regulator Greenlights K-Pop Powerhouse Deal
May 2, 2024 by
CPI
Exxon’s Pioneer Purchase Approved, Former CEO Barred from Board
May 2, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI