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The US Securities and Exchange Commission (SEC) is downsizing and rebranding its crypto enforcement unit, signaling a shift away from its aggressive crackdown on the industry. Once nearly doubled under former SEC Chair Gary Gensler, the SEC’s crypto task force unit will now shrink to around 20 specialists and focus on broader financial crimes, including AI-related fraud and cybersecurity threats. The move comes as Elon Musk’s Department of Government Efficiency (DOGE) prepares to audit the agency for wasteful spending. Previously called the Crypto Assets and Cyber Unit, the scaled back SEC division is now the Cyber and Emerging Technologies Unit, according to a Feb. 20 press release . SEC Crypto Task Force Scaled Down In 2022, former SEC Chair Gary Gensler said that the crypto task force was almost doubling to 50 people. In the recent press release, the securities regulator said that the renamed unit will only include “approximately 20 fraud specialists and atto...

South Korea’s Financial Services Commission (FSC) is weighing a new proposal that would require crypto executives to obtain regulatory approval before taking up a role. In a document published on its official website on Feb. 5, the FSC says it is working on a set of new improvements that would require new executives of crypto businesses to obtain regulatory approval s before taking up a position. While specific details of the proposed initiative remain pending revision by the Ministry of Government Legislation, it is understood that the amendments are anticipated to come into effect by the end of Q1, 2024. This regulatory move extends beyond crypto though, reflecting the FSC’s broader aim to assert increased authority over the financial market. FSC Chair Lee Bok-hyun emphasized a commitment to cracking down on lax risk management practices, stating that authorities “will not tolerate practices of passing on risks to consumers and society by privatizing short-term pro...