The U.S. Securities and Exchange Commission (SEC) published a press release on May 3 announcing that it would be "nearly" doubling its Crypto Assets and Cyber Unit in response to an increasing number of financial abuses occurring in the crypto space.

"The U.S. has the greatest capital markets because investors have faith in them, and as more investors access the crypto markets, it is increasingly important to dedicate more resources to protecting them," SEC Chair Gary Gensler is quoted in the release.

The agency will be adding 20 members to the unit, bringing its total up to 50 dedicated positions. According to the release, the expanded Crypto unit will focus on policing crypto-asset offerings, crypto exchanges, decentralized finance (DeFi) platforms, non-fungible tokens (NFT), stablecoins, and crypto lending and staking products.

"Crypto markets have exploded in recent years, with retail investors bearing the brunt of abuses in this space. Meanwhile, cyber-related threats continue to pose existential risks to our financial markets and participants," Gurbir S. Grewal, Director of the SEC's Division of Enforcement, is quoted in the release. "The bolstered Crypto Assets and Cyber Unit will be at the forefront of protecting investors and ensuring fair and orderly markets in the face of these critical challenges."

The new positions will include fraud analysts, investigative staff attorneys, trial counsels, and unit supervisors. The additions will be spread between the SEC's headquarters in Washington D.C. and a handful of regional offices.

The release states that the Crypto Assets and Cyber Unit, formerly known as the Cyber Unit, has carried out 80 enforcement actions since its introduction in 2017. The actions led to the collection of more than $2 billion in monetary relief, according to the SEC. Grewal says that the majority of crypto-related securities fraud victims are individual retail investors.

Along with targeting fraudulent and unregistered crypto offerings and platforms, the Crypto unit has also taken action against multiple public companies and SEC registrants for failing to disclose risks and incidents relating to their cyber-security, as well as companies with inadequate cyber-security controls in place.

"The Division of Enforcement's Crypto Assets and Cyber Unit has successfully brought dozens of cases against those seeking to take advantage of investors in crypto markets," Gensler said. "By nearly doubling the size of this key unit, the SEC will be better equipped to police wrongdoing in the crypto markets while continuing to identify disclosure and controls issues with respect to cybersecurity."

In September of last year, Gensler told Congress that the SEC needed "a lot more people" in order to regulate the crypto space.

"Currently, we just don't have enough investor protection in crypto finance, issuance, trading, or lending," Gensler said in the September hearing. "Frankly, at this time, it's more like the Wild West or the old world of 'buyer beware' that existed before the securities laws were enacted."

At this time, it's unclear whether or not the 20 additional positions will be enough to meet the needs Gensler described.