The SEC Faces Challenges in Recruiting Crypto Specialists
The U.S. Securities and Exchange Commission (SEC) is encountering difficulties in recruiting professionals to help regulate the cryptocurrency space. The commission believes it is crucial to recruit specialists who can investigate new and evolving issues in the digital asset markets, as noted in a recent report by the SEC’s Office of Inspector General (OIG).
One of the main obstacles hindering this effort is the limited candidate pool of qualified experts and high competition from private sector recruitment, according to the OIG. Additionally, many qualified candidates hold crypto assets, which the Office of the Ethics Counsel has determined would prohibit them from working on particular matters involving crypto assets. As a result, candidates are often unwilling to divest their crypto assets to work for the SEC.
SEC’s Request for Additional Crypto-Related Positions
The SEC views the digital asset space as an “evolutionary risk” and has requested additional crypto-related positions for the 2024 fiscal year. Specifically, the commission aims to add staff to its Examinations, Trading and Markets, Enforcement divisions, as well as the Office of the General Counsel and the Office of International Affairs.
Hot Take
The struggle to recruit crypto specialists poses a significant challenge for the SEC as it seeks to expand its capabilities in regulating digital asset markets and addressing emerging issues. With limited qualified candidates willing to divest their crypto holdings, finding suitable professionals remains an ongoing hurdle for the commission.
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