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The SEC is a dept with teeth. I expect the SEC Cyber Unit to catch many an internet scammer, likely to be more effective than regular law enforcement. This is

The SEC is a dept with teeth. I expect the SEC Cyber Unit to catch many an internet scammer, likely to be more effective than regular law enforcement. This is good news for your average citizen, and bad news for financial criminals.

flukus 9y ago
What percentage of internet scammers and financial criminals are within the SEC's jurisdiction (the USA)?
- phaus 9y ago
  By numbers there's enough to keep law enforcement busy. However, the percentage of global activity originating in the US would be insignificant.
throwawayhnst 9y ago
There is a theory called regulatory capture, according to which, regardless of the original purpose of a regulatory body, it will be "captured" by the very entities it was supposed to regulate, and end up used for their purposes.[1] In fact, the shameful behavior of all crypto related markets puts the lie to that theory. As we know, the SEC does not result in upstart startups not being able to raise money. It does not result in bigger, established startups monopolizing their markets, or doing anything else inappropriate. We can all found a traditional startup if we want. Literally anyone. Indeed, the SEC protects investment markets and makes them a safe and sane place to build startups in. It is safer for an investor to hand money to a startup in California, and safer for that startup to accept it (and abide at reasonable expense by the laws there), than anywhere in the world. We know this. That is what this whole site is about. At the same time, crypto currency markets are wastelands of fraud and crime. In fact, I do not even feel safe posting under my long-established name, because I don't want to be targeted by criminals now or in the future for it. I steer far, far away from this. This is a 100% genuine comment, I am not being sarcastic, I have no association with the SEC (in fact if anything I'm on the other side in the sense that I'm more of a startup founder), and this isn't shilling of any kind. I think the SEC does really good and important work. All the (traditional, fiat-based) valuations of startups that we speak of are thanks to the hard work of the SEC in establishing a fair market. How do we know? Because everyone can see the snake oil all over the darkweb, in crypto currency exchanges and markets, in ICO's, and everywhere the SEC hasn't been touching. I am really thankful for their work and welcome this. https://en.wikipedia.org/wiki/Regulatory_capture https://en.wikipedia.org/wiki/Regulatory_capture
txcwpalpha 9y ago
Based on the press release, this really seems to be focused specifically on cybercrimes related to taking advantage of stock markets, such as stealing non-public trading information or using exploits in trading software to trigger market fluctuations and profiting from it. I really doubt this SEC "Cyber Unit" is going to have anything to do with stopping your average phishing scam or even stealing things like SSNs.
- KGIII 9y ago
  Well no, they wouldn't do those things. They are concerned primarily with securities.

flukus 9y ago

What percentage of internet scammers and financial criminals are within the SEC's jurisdiction (the USA)?

phaus 9y ago
By numbers there's enough to keep law enforcement busy. However, the percentage of global activity originating in the US would be insignificant.

throwawayhnst 9y ago

There is a theory called regulatory capture, according to which, regardless of the original purpose of a regulatory body, it will be "captured" by the very entities it was supposed to regulate, and end up used for their purposes.[1] In fact, the shameful behavior of all crypto related markets puts the lie to that theory. As we know, the SEC does not result in upstart startups not being able to raise money. It does not result in bigger, established startups monopolizing their markets, or doing anything else inappropriate. We can all found a traditional startup if we want. Literally anyone. Indeed, the SEC protects investment markets and makes them a safe and sane place to build startups in. It is safer for an investor to hand money to a startup in California, and safer for that startup to accept it (and abide at reasonable expense by the laws there), than anywhere in the world. We know this. That is what this whole site is about. At the same time, crypto currency markets are wastelands of fraud and crime. In fact, I do not even feel safe posting under my long-established name, because I don't want to be targeted by criminals now or in the future for it. I steer far, far away from this. This is a 100% genuine comment, I am not being sarcastic, I have no association with the SEC (in fact if anything I'm on the other side in the sense that I'm more of a startup founder), and this isn't shilling of any kind. I think the SEC does really good and important work. All the (traditional, fiat-based) valuations of startups that we speak of are thanks to the hard work of the SEC in establishing a fair market. How do we know? Because everyone can see the snake oil all over the darkweb, in crypto currency exchanges and markets, in ICO's, and everywhere the SEC hasn't been touching. I am really thankful for their work and welcome this. https://en.wikipedia.org/wiki/Regulatory_capture https://en.wikipedia.org/wiki/Regulatory_capture

txcwpalpha 9y ago

Based on the press release, this really seems to be focused specifically on cybercrimes related to taking advantage of stock markets, such as stealing non-public trading information or using exploits in trading software to trigger market fluctuations and profiting from it. I really doubt this SEC "Cyber Unit" is going to have anything to do with stopping your average phishing scam or even stealing things like SSNs.

KGIII 9y ago
Well no, they wouldn't do those things. They are concerned primarily with securities.