House lawmakers took the co-directors of the Securities and Exchange Commission’s enforcement division to task Wednesday on the agency’s oversight of initial coin offerings, with Rep. Brad Sherman, D-Calif., calling on the SEC officials to “shut it all down.”

During a hearing Wednesday on oversight of the SEC, enforcement co-director Steven Peikin told the House Financial Services Committee’s Capital Markets Subcommittee that the division has leveraged its Cyber Unit to address the following areas:

  • Market manipulation schemes involving false information spread through electronic and social media;
  • Hacking to obtain material, nonpublic information and trading on that information;
  • Violations involving distributed ledger technology and initial coin offerings;
  • Misconduct perpetrated using the dark web;
  • Intrusions into online retail brokerage accounts; and
  • Cyber-related threats to trading platforms and other critical market infrastructure.

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