An important official at the U.S. Securities and Exchange Commission (SEC) decided to step down from his role. According to an official announcement made by the SEC, Robert A. Cohen, the chief of the Division of Enforcement’s Cyber Unit at the SEC, will not be working at the institution anymore.
Robert Cohen Leaves His Position At The SEC
The Cyber Unit at the charge is working in order to understand whether there are companies that do not follow securities laws and if crypto firms are violating them. Moreover, the agency is also in charge of checking cyber-related trading violations and other crypto procedures.
During his time at the SEC, Cohen has been working on many initiatives and investigations related to the crypto space. One of the most important lawsuits he was working on was related to the startup Kik that run an unregistered token offering. At the same time, he supervised another lawsuit against DJ Khaled and the boxer Flyd Mayweather Jr. for advertising an Initial Coin Offering (ICO).
On the matter, the Division of Enforcement’s co-director Steven Peikin commented:
“The Cyber Unit has been a great success under Rob’s strategic leadership […] Soon after its creation, the Cyber Unit immediately began filing impactful cases that protect investors and demonstrate the SEC’s ability to respond nimbly to new and difficult challenges.”
The U.S. SEC has been trying to regulate the crypto market and protect investors from illegal coin offerings and other projects that didn’t operate following the SEC’s rules. At the moment, there is no information regarding who is going to be replacing him at the institution or why he decided to leave the agency.
The SEC will also have to make a decision on whether to approve or not a Bitcoin (BTC) Exchange-Traded Fund (ETF) in the future. There are many proposals that are waiting for an answer from the regulatory agency on whether they are able to be launched or not.
The SEC has also given the crypto company Blockstack, the possibility to issue a $28 million public token offering under Regulation A+. As the founders of the company Muneeb Ali and Ryan Shea explained, it took to them 10 months of negotiations and $2 million paid to get the approval from the SEC.
As the cryptocurrency market expands, the SEC continues controlling all the firms and projects operates under the current laws and regulations.
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