09 Dec 2019
The SEC has just appointed Kristina Littman to take charge of the SEC’s cyber unit. The commission announced that Littman’s appointment will help to fight cyber violations in the industry. The cyber unit will be responsible for prosecuting violations on ICOs and distributed ledger. Littman takes over affairs in SEC’s Cyber Unit as she replaces Robert Cohen, who left in August to partner with a law firm.
According to the SEC, the former cyber Unit chief has handled a lot of cryptocurrency-related cases, including the suit against KIK Interactive for their involvement in raising $100 million through ICO with unregistered security.
Littman has been in the SEC since 2010 when she joined the commission’s enforcement division in Philadelphia. She has handled several senior-level posts since she joined the commission. She had also served as Jay Clayton’s adviser, where she offered her input on regulatory and policy matters on digital assets and cryptocurrency.
She has been on this senior role for some years now. Littman also has experience in market and investment management, as she has spent some years in that division with SEC.
According to SEC, Littman’s extensive experience and innovative thinking makes her a very important leader within the SEC commission. According to Clayton, Littman is the right choice to spearhead the cryptocurrency and ICO division of SE because of her zeal to protect America’s investors.
Clayton reiterated that she would be a great propeller in SEC’s cyber unit, as the commission seeks to sanitize the industry
SEC established its cyber unit two years ago to concentrate on cyber-related crimes such as the use of the dark web to perpetuate misconduct and market manipulation.
People are taking advantage of loopholes created by the cyberspace where almost anything can be shared in the cyberspace. The SEC is trying to position its cybersecurity branch to help combat this security problem in the cyberspace.
When Robert Cohen still headed SEC, the commission was able to handle several cyber-related cases. However, moving forward with the new head, SEC intends to reposition the operational structure. It will help to clamp down on the activities of these cyber violators, particularly those found guilty of misrepresentation in ICO sales.
The recent ICO violations and prosecutions are an indication that cyber and security violators are not relenting in their efforts to cause more havoc. In response to the development, Kristina will be in charge of the commission’s cyber unit. She will play a massive role to make sure the crimes rates in the blockchain industry drops considerably
According to the Co-director of the enforcement division at SEC, Stephanie Avakian, the commission is poised to use all necessary resources to protect American investors from the cyberspace. With the repositioning of the Cyber Unit, it will improve the commission’s capability to investigate cyber-related crimes and bring the perpetrators to justice.
She reiterated the commission’s desire to keep cybersecurity experts within the division to facilitate its investigations.
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