The previous head of the Securities and Exchange Commission’s (SEC) Cyber Unit is transferring to private practice.
Robert A. Cohen will join the law firm Davis Polk & Wardwell LLP as a partner. The company is known for representing several crypto companies including Coinbase, as well as huge legacy financial institutions, a Wall Street Journal report stated.
Cohen offered his acquiescence in July, after 15 years of government service with the SEC. His departure purportedly leaves the cyber unit without a head.
As lead of the Cyber Unit, Cohen supervised the precedent-setting claim against Kik Interactive for purportedly engaging in a fraudulent $100 million securities offering. In a recently published rebuttal of the claim, Kik denies the agency’s center complaints.
The cyber unit was established in 2017 as a way to oversee the advancement of the blockchain environment and protect investors. The agency’s command incorporates exploring financial violations, including digital assets, as well as policing cybersecurity issues. Cohen made a name for seeking after a few activities against purportedly fraudulent initial coin offerings.
Cohen said in an interview with WSJ that the regulator carefully weighed which activities to pursue.
“We brought some high-profile cases pretty quickly and we got the message out,” he stated. “But the industry should have a chance to adapt to it. If the goal is to send the message, you should give people a chance to get the message and adjust.”
In his new part, Cohen will be banned from talking with SEC authorities for a year, per “revolving door” regulations.