The US SEC faces recruiting challenges and legal uncertainties as it struggles to hire Bitcoin and crypto experts willing to sell their crypto assets.
The Securities and Exchange Commission (SEC), the agency that sets the rules for financial markets, is struggling to hire cryptocurrency experts due to a tricky situation: Many qualified people own cryptocurrencies themselves. currencies.
SEC ethics rules state that possession of these digital assets may 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 larger challenge for the SEC. It is difficult for them to try to keep pace with the rapid growth of the crypto world due to the lack of available experts, and private companies often offer better jobs for experts.
This hiring problem is only part of what the SEC is facing, as mentioned in a detailed report it released. Cryptography is one of the new areas that the SEC sees as challenging because it is constantly evolving and growing.
The report also explains that the laws around crypto are not yet clear. Different judges can make contrasting decisions in very similar cases.
For example, the SEC is in the middle of a legal battle with Ripple Labs, and the lack of clear rules makes it difficult for the SEC to decide how to handle various crypto issues.