The U.S. SEC faces recruitment challenges and legal uncertainties as it struggles to hire Bitcoin and crypto experts that are willing to sell their crypto assets.
The Securities and Exchange Commission (SEC), the agency that makes rules for financial markets, is struggling to hire experts in cryptocurrencies because of a tricky situation: A lot of the qualified people own crypto themselves.
The SEC’s ethics rules say that owning these digital assets can prevent these experts from working on crypto-related cases, to avoid any conflict of interest. Because of this rule, many do not want to sell their cryptocurrencies to work for the SEC.
This problem is part of a bigger challenge for the SEC. They’re trying to keep up with the fast growth of the crypto world is tough due to lack of available experts, and private companies often offer better jobs to experts.
This hiring issue is just one part of what the SEC is dealing with, as mentioned in a detailed report it released. Crypto is one of the new areas that the SEC sees as a challenge because it’s constantly changing and growing.
The report also talks about how the laws around crypto are not clear yet. Different judges can make contrasting decisions on very similar cases.
For example, the SEC is in the middle of a legal fight with Ripple Labs, and the lack of clear rules makes it difficult for the SEC to decide how to handle various crypto issues.
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