U.S. Securities and Exchange Commission (SEC) appoints new crypto watchdog

The U.S. Securities and Exchange Commission (SEC) has always been a regulatory hurdle that the cryptocurrency industry must face, whether it was the recent high-profile project Libra or the majority of ICOs involving fundraising. It has been reported recently that the SEC has appointed a new head of its cyber unit.

According to the announcement by the U.S. Securities and Exchange Commission, Kristina Littman is set to replace Robert A. Cohen in his position, as Cohen has departed to the private sector.

The new head, Littman, joined the SEC in 2010 as a staff attorney and was promoted to Senior Advisor to SEC Chairman Jay Clayton in the summer of 2017. During her tenure, she provided her superior Clayton with numerous regulatory and policy advice on cryptocurrencies and digital assets, international affairs, trade, and markets. Clayton commented:

Littman's innovative thinking and rich experience within the Commission make her a valuable advisor, most importantly, she is a tireless advocate for American investors. She will be an excellent leader for the Division to continue its work in this critical and evolving area.

The Division was established in 2017 to address cybersecurity issues and protect investors from the impact of emerging blockchain and crypto industry members.

Under the leadership of former head Robert Cohen, the Division took action against what the SEC deemed to be fraudulent initial coin offerings. Littman will inherit ongoing high-profile crypto litigations, including a lawsuit against Kik Interactive for allegedly engaging in an unregistered $100 million securities offering, as well as the battle with Telegram over its gram tokens similar case brought by the SEC.

Littman holds a Juris Doctor degree from Rutgers Law School and a Master of Business Administration degree. Prior to joining the SEC, she practiced at a law firm specializing in corporate and securities litigation. Steven Peikin, Co-Director of the SEC's Enforcement Division, stated:

Littman's extensive experience as an investigator, trial lawyer, and senior advisor has prepared her well to lead the Division.

Regulation by the government is inevitable for the entire industry, and for the future, development must continue under regulation. This personnel change may signify a shift in attitude from the SEC towards the industry, and we can expect more regulations and issuances in the future.

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