SEC Inspector General Claims That Agency Hiring is Hampered by the Ban on Cryptocurrency Ownership

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Last Updated on November 7, 2023 by Bitfinsider

The United States Securities and Exchange Commission’s Office of the Inspector General (OIG) has released its yearly assessment of the agency’s most pressing performance and management issues. No one in the cryptocurrency community was surprised to see cryptocurrency on its list.

In its “Statement on the SEC’s Management and Performance Challenges,” the OIG cited the agency’s earlier claims of “widespread noncompliance with existing securities laws by crypto asset market participants” and the lack of disclosure.

The current legislation has regulatory gaps for some stablecoins and crypto assets that aren’t securities. Comprehensive laws and interagency coordination have been demanded.

The SEC’s employment problems receive little media attention. According to the article, the government has been attempting to staff its enforcement, trading and markets, and examination divisions with crypto specialists. Additionally looking to fill new roles linked to cryptocurrency are the Office of International Affairs and the Office of the General Counsel.

A tiny pool of candidates and fierce competition from the commercial sector for crypto expertise have thwarted the SEC’s hiring attempts.

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