The cryptocurrency market in the United States of America has seen long drawn-out struggle ever since the Securities and Exchange Commission (SEC) refused to approve the launch of cryptocurrency-backed exchange traded funds (ETFs).
According to a tweet posted by the official handle of SEC’s Division of Economic & Risk Analysis (DERA), Robert A Cohen will be stepping down as the chief of the Enforcement for Cryptocurrency and the Cyber Security Unit, after 15 years of service.
The tweet said, “Sad that we will be bidding farewell to Robert Cohen, Chief of
@SEC_Enforcement’s Cyber Unit, after 15 years at the SEC. Farewell Rob – you will be missed!”
— SEC DERA (@SEC_DERA) July 29, 2019
During his time at the federal agency, Cohen supervised numerous cases, including, a wide-spread fraudulent initial coin offering (ICO); celebrities who promoted ICOs without disclosing their compensation; several issuers that sold digital tokens to retail investors in unregistered securities offerings; the founder of an unregistered securities exchange that traded digital tokens, among others.
A press release from the SEC stated that the unit focuses on violations involving digital assets and cryptocurrency, cyber-related trading violations, among others.
Commenting on his impending departure, his colleagues had a few words. The Chairman of the SEC, Jay Clayton said, “I’m grateful to Rob for his thoughtfulness, expertise and leadership in taking on the creation of the Cyber Unit. He leaves the unit well-positioned to continue the critical work of protecting our markets and retail investors in this complex and continually developing area.”
Steven Peikin, Co-Director of the SEC’s Division of Enforcement, said, “The Cyber Unit has been a great success under Rob’s strategic leadership. oon 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 last major case that the unit handled was when messaging app Kik got involved with the SEC, over conducting an illegal $100 million securities offering of digital tokens.
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