SEC targets crypto fraud as Atkins pushes clearer rules

The SEC is changing its enforcement strategy in the cryptocurrency domain to concentrate more on fraud and investor losses. During a podcast on October 16, Chairman Paul Atkins and Enforcement Director David Woodcock highlighted the need for clarity in the rules and for harsher actions against deliberate misconduct. For the industry, the clearer rules will not provide it with immunity from prosecutions. “Back to basics” instead of case counts The changing strategy of the SEC towards enforcement goes beyond just the fact that it files a smaller number of cases. Woodcock wants investigators to focus on the type of misconduct that causes real losses because he believes that counting the number of cases is not an assessment of success.

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