According to a report published on July 29, Robert A. Cohen, who was the head of the Cyber Unit of the U.S. Securities and Exchange Commission's Division of Enforcement, has resigned his position. Cohen had been head of the unit since its inception back in 2017.
The commission's Cyber Unit has various enforcement responsibilities. These include preventing computer-related trading violations as well as providing cybersecurity-related procedures and disclosures. It is also responsible for preventing securities violations relating to both digital currencies and other forms of digital assets.
During his two years running the unit, Cohen ran a number of important cryptocurrency-related investigations. One of the results of these investigations was the initiation of a lawsuit against a company called Kik, which he accused of operating an unregistered $100 million token offering. Additionally, he charged both DJ Khaled and champion boxer Floyd Mayweather Jr. with illegally promoting an initial coin offering (ICO).
Steven Peikin, who is the co-director of the commission's Division of Enforcement, praised Cohen's efforts at the Cyber Unit. He said that, under Cohen's leadership, the Cyber Unit has experienced significant success. He mentioned how, not long after the unit's creation, it had become involved in important cases that not only protected investors but also demonstrated that the commission had the capability to competently respond to the new and complex challenges that are facing it.
In related news, the commission recently gave approval to a blockchain-based company called Blockstack, who plan to issue a public token offering in the amount of $28 million. The offering, which the commission approved under Regulation A+, was the first of its kind that the commission has ever approved. Muneeb Ali and Ryan Shea, who are the two founders of Blockstack, have indicated that it took them nearly a full year and two million dollars in order to get the commission to approve their offering.
The commission also recently approved a token-offering that is related to computer gaming. But the only reason that they gave their approval to it was because they ruled that the tokens were not actually securities.