US SEC seeks to expand its Crypto Assets and Cyber Unit

Regulators in the United States have been piling on the pressure on the crypto space over the last year, even more so in light of the FTX demise and collapse of Silicon Valley Bank (SVB).

Now, according to a job posting on the official government website, the U.S. Securities and Exchange Commission is seeking to hire general attorneys in New York, New York, San Francisco, California and Washington D.C. for its Crypto Assets and Cyber Unit in its Division of Enforcement.

The Division of Enforcement – Crypto Assets and Cyber Unit seeks to hire General Attorneys in New York, NY; San Francisco, CA; and Washington, DC. For more information and to apply, click here: https://t.co/OI6YQk5doI.

— SEC Careers (@SEC_Careers) April 10, 2023

The listing details that part of the job’s duties will include conducting “complex, fast-moving investigations” involving crypto asset securities and cyber issues. Other duties include drafting subpoenas or document requests, questioning witnesses through interviews, evaluating evidence and more.

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Salaries for the general attorney position within the crypto assets enforcement division range from $140,830 to $259,590 per year.

This announcement comes shortly after the SEC’s chairman Gary Gensler asked for nearly $2.4 billion in funding for the purpose of chasing down crypto “misconduct” on March 29. 

Crackdowns have been piling on the crypto community from U.S regulators over the last year. 

Local regulators plan to introduce new taxes directed toward the industry that have some industry insiders wondering if those and other regulations will “choke” the industry and prevent much needed innovation.

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Recently, the Beaxy cryptocurrency exchange shuttered after the SEC filed multiple charges against the company’s founder. Japan-based decentralized autonomous organization (DAO) Sushi is also facing a subpoena from the SEC.

However, not everyone in positions of regulatory authority is on board with the SEC’s approach. Congressman Tom Emmer called Gensler a “bad faith regulator” and questioned his methods of industry oversight.