SEC Changes Chief of Unit that Focuses on Cryptocurrency Crimes – Cryptocurrency Regulation

SEC Changes Chief of Cyber Unit

The U.S. Securities and Exchange Commission (SEC) has announced the appointment of Kristina Littman as the new Chief of the SEC’s Cyber Unit.

Kristina Littman becomes the successor of Robert Cohen as Chief of its Cyber Unit. Accordingly, she will be in charge of a specialized unit that focuses on protecting investors and markets from cyber-related misconduct, cryptocurrency crime and cyber-related threats to trading platforms.

SEC Chairman, Jay Clayton, pointed out that Kristina’s innovative thinking and extensive experience within the Commission makes her an invaluable advisor. As well as her continuous endeavor to protect America’s investors. The Chairman believes she’ll be an excellent leader for the Cyber Unit as the division aims for continuous progress.

Littman’s career is quite a rich one. In 2010, she joined the SEC’s Division of Enforcement (Philadelphia Office) as a staff attorney. Afterward, she held senior attorney positions in the Market Abuse and the Trial Units. During this period, Kristina Littman conducted and led significant enforcement investigations and litigations. They include insider trading charges against a political intelligence consultant and a government employee. And two hedge fund analysts in a scheme to trade on nonpublic information concerning government plans to cut Medicare reimbursement rates.

Goor (bad) news for crypto?

Besides, Littman has advised on regulatory and policy matters relating to cryptocurrencies and digital assets. That said, the new addition might influence the SEC’s stance on cryptocurrencies. To remind, it’s not the most favorable one. To date, the Commission has not approved a Bitcoin ETF, citing multiple concerns, including investor protection.

In this regard, Littman’s expertise might prove to be useful both for the SEC and the crypto market players. Unfortunately, the crypto realm is indeed no stranger to hacks and the recent UPbit heist is just one of the many examples. 

Littman’s addition might also bode well for the eventual approval of a Bitcoin ETF. More so, since the SEC has recently decided to review the rejected Bitwise’s application. To remind, in October, the Commission rejected the proposal. Back then, it claimed it didn’t meet certain fundamental requirements.

Do you think the SEC is anywhere close to approving a Bitcoin ETF or clarifying its crypto regulation? Let us know your thoughts.

 

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