Top SEC Executive Who Hunted Crypto Companies And ICOs Resigns, To Leave In August
Robert Cohen has been one of the most dreaded names for crypto companies when it came to regulations. He has been cracking down suspicious economic activities in Initial Coin Offerings (ICO), even charging giant celebrities like Floyd Mayweather Jr. and DJ Khaled.
The man has reportedly resigned from the post of Chief of the Cyber Unit of the Securities Exchange Commission (SEC), after 15 years of service. He will leave the office in August, which he took over in 2017, after being involved in some of the most heated and high profile suits related to the crypto industry. Commenting of Cohen’s resignation, SEC Chairman Jay Clayton said,
I’m grateful to Rob for his thoughtfulness and leadership in taking on the creation of the Cyber Unit. He leaves the unit well-positioned to continue the critical work of protecting our markets and retail investors in this complex and continually developing area.
Over the last two years, since his appointment as the cyber chief, Cohen initiated several investigations against crypto companies, mostly related to the ICOs. One such big investigation he conducted was against Kik Interactive, the Canadian messaging application. He launched legal proceedings against the company for conducting an illegitimate ICO, for $100 million, alleging that the funds were to diverted to parts of its business which were no longer profitable.
Before joining the cyber team, Cohen part of the market abuse division of the SEC, after joining the organization in 2004. In his resignation statement, Cohen said,
It has been a privilege working with great colleagues at the SEC, whom I cannot thank enough for their commitment, perseverance, and friendship. I am proud of our work together, which has had a strong and positive impact for investors.
He had also been involved in several other investigations and legal proceedings, which include the battle against big companies. Some of these were the lawsuit against Mayweather Jr and DJ Khaled, for alleged receiving $100,000 for promoting the ICO by Centra Tech.
