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SEC appoints new cyber unit chief to police ICOs and different blockchain ‘violations’




    SEC appoints new cyber unit chief to police ICOs and different blockchain ‘violations’

    The U.S. Securities and Exchange Commission (SEC) has appointed Kristina Littman as the brand new chief of its cyber unit, which targets “violations” involving preliminary coin choices (ICOs) and distributed ledger or blockchain expertise.

    Littman succeeds Robert Cohen, who left the SEC in August, in line with an announcement Monday. Cohen led a number of cryptocurrency instances, together with suing Kik Interactive for allegedly promoting unregistered securities as a part of its $100 million ICO. Cohen left the SEC to affix legislation agency Davis Polk & Wardwell LLP as a associate.

    Littman is an inside rent, who joined the SEC’s division of enforcement in 2010 as a workers legal professional in Philadelphia. Since then, she held senior legal professional positions available in the market abuse unit and the trial unit. Littman has served as senior advisor to SEC Chairman Jay Clayton, the place she suggested on regulatory and coverage issues regarding cryptocurrencies and digital property, buying and selling and markets and funding administration.

    “Kristy’s innovative thinking and extensive experience within the Commission have made her an invaluable advisor and, most importantly, a tireless defender of America’s investors,” stated Clayton, including: “She will be an excellent leader for the Cyber Unit as it continues its work in this critical and continually evolving area.”

    The SEC arrange the cyber unit in Sept. 2017 to concentrate on concentrating on cyber-related crimes, together with market manipulation schemes and “misconduct perpetrated using the dark web,” amongst others. “Cyber-related threats and misconduct are among the greatest risks facing investors and the securities industry. The Cyber Unit will enhance our ability to detect and investigate cyber threats through increasing expertise in an area of critical national importance,” Stephanie Avakian, co-director of the SEC’s enforcement division, stated on the time.

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