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Home BREAKING NEWS

SEC Confronts Hiring Crisis due to Crypto Ownership Rules

by BlockNews.com Team
November 6, 2023
in BREAKING NEWS, CRYPTO, POLITICS
Reading Time: 3 mins read
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  • The SEC is having trouble hiring crypto experts due to its policy requiring candidates to divest their digital assets before working on related matters. Many qualified candidates are unwilling to sell their cryptocurrency holdings.
  • The lack of clear regulations and legal precedents around cryptocurrencies makes crypto enforcement challenging for the SEC. Recent court rulings have been inconsistent, hampering the SEC’s ability to predict outcomes and set priorities.
  • The SEC faces a limited pool of qualified crypto expert candidates and fierce private sector competition for talent. This shortage has hurt the SEC’s efforts to monitor and regulate the rapidly evolving crypto market.

The Securities and Exchange Commission is struggling to hire crypto experts due to its policy on digital asset divestment. Many qualified candidates own cryptocurrencies, which the SEC’s ethics rules prohibit them from working on. This has hampered the regulator’s ability to recruit for its growing crypto enforcement efforts.

🚨 NEWS: 🇺🇸 SEC is struggling to onboard crypto experts due to a rule they must sell all their crypto.

Gary Gensler strikes again 😂 pic.twitter.com/hAi3VA1Yaw

— BlockNews.com (@blocknewsdotcom) November 6, 2023

The SEC’s Crypto Expert Shortage

The SEC’s Inspector General released a report detailing the agency’s hiring challenges. It states that the Office of Ethics Counsel has determined that candidates who own crypto cannot work on related matters. This policy has hurt recruiting, as experts are unwilling to sell their digital assets.

The SEC faces a small pool of qualified candidates and fierce private-sector competition. Crypto is an emerging area presenting challenges in monitoring the rapidly evolving market and adjusting the SEC’s approach.

Unclear Crypto Regulations Complicate Enforcement

There is still no clear case law on how to regulate cryptocurrencies. Even federal judges have reached inconsistent verdicts. This legal uncertainty affects the SEC’s ability to predict outcomes and set enforcement priorities.

Recent court rulings have delivered mixed results for the SEC, like its ongoing lawsuit against Ripple Labs. It may take years before crypto regulations become reasonably predictable.

Conclusion

The SEC is struggling to hire experts needed to oversee the growing crypto space. Its ethics rules on asset divestment have hampered recruiting efforts. Unclear regulations also complicate crypto enforcement actions. Until case law crystallizes, the SEC will continue facing challenges in this emerging area.

Tags: BusinesscryptoCrypto Regulationripplesec
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