The US Securities and Exchange Commission (SEC) has formed a new division, the Cyber and Emerging Technologies Unit (CETU), to combat cyber fraud and protect investors in the technology sector.
This new unit focuses on issues such as fraud involving artificial intelligence, misuse of social media, hacking and blockchain technology abuses.
It is designed to enhance market efficiency and investor confidence by enforcing cybersecurity rules and addressing fraudulent activities in emerging tech areas.
The CETU, led by Laura D’Allaird, replaces the Crypto Assets and Cyber Unit and is comprised of approximately 30 fraud specialists and attorneys across multiple SEC offices. Just two months ago, D’Allaird was named co-chief of the Crypto Assets and Cyber Unit.
“Under Laura’s leadership, this new unit will complement the work of the Crypto Task Force led by Commissioner Hester Peirce,” said said acting chairman Mark T. Uyeda.
“Importantly, the new unit will also allow the SEC to deploy enforcement resources judiciously. The unit will not only protect investors but will also facilitate capital formation and market efficiency by clearing the way for innovation to grow.
“It will root out those seeking to misuse innovation to harm investors and diminish confidence in new technologies.”
