The SEC last year renamed their Cyber Unit the Crypto Assets and Cyber Unit. (It is amusing that they changed the name to Crypto Assets, not Crypto Securities). During the renaming, they got a much larger budget and were able to hire 20 new personnel. This nearly doubled the size of the unit to nearly 50 people. This group of ~50 people includes the entire division from admin support to investigators.
The SEC has very limited investigating powers with such a small division. Gary Gensler was given many open investigations and it is interesting to see where he is taking investigations. Investigations that have started under his purview seem to go after exchanges, high-profile crypto personalities (like Justin Sun), and obvious scams.
One thing that they don't have the manpower to do is go after every single crypto they think is a security or actually might be a security. You can't do a lot with a 50 person government division even if you wanted to.
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