The SEC creates a Cyber Unit that will control the cryptocurrencies

In a press release from the United States Securities and Exchange Commission, better known as SEC, there is the talk of the creation of the ‘Cyber Unit’. The idea of this division is to control, to some extent, the market of cryptocurrencies, like Bitcoin. It will monitor movements and analyze possible frauds with an emphasis on counteracting new threats that may affect investors and the country’s economic and financial structure. A plan will also be implemented to implement measures in favor of profiles related to the investment activity. The task of informing investors about the ICOs and monitoring them closely stands out.

This unit will work on:

  • Market manipulation schemes, which include false information disseminated through digital and social media.
  • Hacking for material information does not publish.
  • Violations involving cryptographic technology and ICO’s
  • Bad behavior perpetrated in the Deep Web
  • Retail Account Intrusions
  • Cyber threats to trading platforms and other critical market infrastructures.

This new unit aims to provide significant authority to all members under its jurisdiction. The most important point for the cryptocurrency markets is the third, which is the control and monitoring of the ICO as well as the distributed accounting technology sector. The definition of this point is somewhat vague and is broader than it seems, in addition, it would depend on the SEC and the courts to define such a point, which could even lead to the power to freely investigate users operating with cryptocurrencies.

The regulation of the ICO by the SEC is not a surprise, other countries also call for the control of the diffusion of the ICO’s and even for its precautionary prohibition and it seems that, paradoxically, it will be the countries themselves that will control this market. This year the ICO has increased exponentially, raising a whopping $ 1.5 billion, which is why it is beginning to need regulation in the field since the problem of ICO is that sometimes are fraud and in others are unfinished or partially developed ideas launched taking advantage of this speculative fever.

Some Reddit ‘BitcoinMarket’ users show their refusal to regulate an external agent, but they see with surprise and good eyes the decision of the SEC, which could lead many scam artists to think twice before launching an ICO.

In the community, meanwhile, the announcement has been received as the possible start of the creation of a regulatory framework to allow the release of products and assets based on Bitcoin and other cryptocurrencies. Neither the SEC nor the European Central Bank wants to close down the Cryptocurrencies or ICO’s markets as China would bluntly do, good news, the adoption and positive regulation of these assets can further raise the price of the Crypto Coins.