{"id":8624,"date":"2023-11-06T17:50:48","date_gmt":"2023-11-06T17:50:48","guid":{"rendered":"https:\/\/topat10.com\/the-sec-is-struggling-to-hire-crypto-experts-partly-because-they-own-cryptocurrencies\/"},"modified":"2023-11-06T17:50:48","modified_gmt":"2023-11-06T17:50:48","slug":"the-sec-is-struggling-to-hire-crypto-experts-partly-because-they-own-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/topat10.com\/?p=8624","title":{"rendered":"The SEC is struggling to hire crypto experts\u2014partly because they own cryptocurrencies"},"content":{"rendered":"\n

The Securities and Exchange Commission, one of the major federal regulators looking to rein in the crypto industry, is having trouble hiring crypto experts, according to a new report<\/a> from the agency\u2019s inspector general.<\/p>\n

\n

Most federal agencies have an Office of Inspector General, or independent authority that reviews and oversees the operations of, say, the Federal Trade Commission or the Social Security Administration. On Thursday, the SEC\u2019s division published<\/a> a report on the financial regulator\u2019s \u201cmanagement and performance challenges\u201d in October.<\/p>\n

These challenges include keeping pace with evolving technologies, like AI<\/a>, as well as maintaining an in-the-know workforce. \u201c[T]he SEC also faces challenges in recruiting specialists in crypto assets, which Enforcement considers critical to strengthening its capabilities to investigate new and emerging issues in crypto-asset markets,\u201d wrote the Inspector General\u2019s Office.<\/p>\n

As for why the SEC is having trouble recruiting crypto experts, the report cited a \u201csmall candidate pool of qualified experts,\u201d competition with alluring offers from the private sector<\/a>, and candidates\u2019 frequent conflicts with rules that prohibit the holding of cryptocurrencies. \u201cThis prohibition, according to SEC officials, has been detrimental to recruiting, as candidates are often unwilling to divest their crypto assets to work for the SEC,\u201d read the report.<\/p>\n

The federal agency already has complex ethics rules<\/a> that prohibit employees who, for example, hold equity in a company from deciding on any applications that the company submits to the regulator.<\/p>\n

The SEC\u2019s difficulties in attracting crypto talent come amid a broader hiring downturn<\/a> in the industry as well as the regulator\u2019s acceleration of crypto enforcement actions in the past year. Since the collapse of the crypto exchange FTX in November 2022, the SEC has doubled down on enforcement actions, filing a series of lawsuits against companies and personalities, both big and small.<\/p>\n

In January, the agency sued<\/a> Gemini and Genesis for their Gemini Earn program, a yield-bearing product that the SEC alleged was akin to an unregistered security. Then, Gary Gensler, the SEC chair, set his sights on even larger figures in crypto: Justin Sun<\/a> and Do Kwon<\/a>, who both were charged with selling unregistered securities. And in June, he picked fights with the two of the biggest crypto exchanges, Binance<\/a> and then Coinbase<\/a>.<\/p>\n

While the criminal trial (and eventual conviction<\/a>) of FTX cofounder Sam Bankman-Fried has overshadowed the SEC\u2019s actions over the past month, Gensler has still brought the hammer down on crypto companies. He most recently set his sights, along with the Justice Department, on SafeMoon<\/a>.<\/p>\n

The SEC did not immediately respond to a request for comment when contacted by\u00a0Fortune<\/em>.<\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"

The Securities and Exchange Commission, one of the major federal regulators looking to rein in the crypto industry, is having trouble hiring crypto experts, according to a new report from the agency\u2019s inspector general. Most federal agencies have an Office of Inspector General, or independent authority that reviews and oversees the operations of, say, the […]<\/p>\n","protected":false},"author":110,"featured_media":8625,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[123],"tags":[],"class_list":["post-8624","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nThe SEC is struggling to hire crypto experts\u2014partly because they own cryptocurrencies | Unlock Informed Choices with Us<\/title>\n<meta name=\"description\" content=\"The federal regulator has continued to double down on crypto enforcement actions, most recently suing the company SafeMoon and its executives.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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