On May 3, 2022, the SEC announced that it was renaming the Division of Enforcement’s Cyber Unit as the Crypto Assets and Cyber Unit, and significantly increasing its size with the addition of 20 new positions.
In the same announcement, the SEC articulated specific areas of focus within the digital assets space, including: (i) crypto asset offerings; (ii) crypto asset exchanges; (iii) crypto asset lending and staking products; (iv) decentralized finance (“DeFi”) platforms; (v) non-fungible tokens (“NFTs”); and (vi) stablecoins.
The announced areas of focus are largely consistent with Chair Gensler’s prior announcements on his digital asset enforcement priorities,[2] along with a previously reported but newly-announced focus on NFTs.
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