• The SEC’s Interagency Securities Council (ISC) integrates over 100 agencies to combat securities and crypto fraud.
• The ISC will meet quarterly to tackle emerging fraud trends and enhance preventive measures.
• Fraudsters use advanced techniques like deepfakes and social media to deceive investors, with pump-and-dump schemes increasing.

The Securities and Exchange Commission (SEC) has set up the Interagency Securities Council (ISC) with the aim of handling the growing complexity of securities and bitcoin theft. Along with law enforcement agencies, this new council coordinates activities of federal, state, and municipal regulatory authorities. 

The main objective of the ISCI is to improve cooperation and information exchange since it will help to properly fight these sophisticated fraud activities.

The ISC will convene quarterly and will comprise officials from more than 100 departments, including state attorneys general, state police, and municipal law enforcement. This program tries to detect emerging fraud patterns and implement preventive solutions. 

Gurbir S. Grewal, Chair of the ISC and Director of the SEC’s Division of Enforcement, underlined the value of this collaborative approach. He noted that the council is critical for keeping investigators informed of new risks to securities fraud.

Adam Anicich and Manuel Vazquez from the SEC will lead the ISC’s operations. Cristina Martin Firvida, the SEC’s Investor Advocate, highlighted that this joint effort demonstrates how various levels of government can collaborate to improve investor protection. 

The ISC’s mission includes facilitating communication between agencies that might not regularly handle securities violations, such as local police departments and sheriff’s offices.

The creation of the ISC follows a recent SEC investor advisory warning of an increase in fraud involving bitcoin assets. Scammers are increasingly deceiving investors with digital currency and advanced techniques, such as deepfake technology.

The fraudsters often contact victims via social media or direct messages, posing as individuals with valuable investment advice. They build trust before persuading victims to invest in fake projects and then vanish with the funds.

The SEC’s advisory also noted a surge in pump-and-dump schemes, particularly with speculative or low-quality coins, such as memecoins. These schemes contribute to significant financial losses for investors. The ISC aims to address these fraudulent practices by fostering a more connected and responsive network of regulatory and law enforcement agencies.

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The post SEC Launches Interagency Council to Combat Growing Securities and Crypto Fraud appeared first on Crypto News Land.

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