According to reports, more than 50 lawyers and staffers in the SEC’s Crypto Assets and Cyber Unit have been reassigned to other roles in the agency.
On the same day, Commissioner and Crypto Mom Hester Peirce published her road map for the newly formed Crypto Task Force she leads. In doing so, she said—and we paraphrase here—if you lose money on some sh*tcoins, don’t expect “Mama Government” to bail you out.
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In light of the Commission’s shift in priorities, in addition to the staff reassignments, we can expect the Crypto Assets and Cyber Unit itself to be either rebranded or disbanded altogether.
Which is not to say crypto-related enforcement actions will not be brought. Once upon a time, the Commission had an Office of Internet Enforcement which, as the internet became a household utility, no longer made sense. We here at SKrypto are optimistic about SEC Crypto 2.0, but it is also worth pausing to reflect on the fact that, going forward, crypto cases should be handled by Commission staff much like other cases, and there is some comfort in that.
