The U.S. Security and Exchange Commission (SEC) is facing challenges in recruiting cryptocurrency experts, a problem partly attributed to its own policies, as highlighted in a recent agency document.
That document, published in October and modified Nov. 2, is titled The Inspector General’s Statement on the SEC’s Management and Performance Challenges.
It indicates that the agency is having difficulties hiring specialists in the area of crypto assets. Officials within the SEC report that there is a small candidate pool and strong competition from the private sector, limiting the agency’s ability to hire crypto experts.
The SEC’s own policies, which restrict some employees from owning crypto, additionally prevent potential candidates from being hired. One section reads:
“… Many qualified candidates hold crypto assets, which the Office of the Ethics Counsel has determined would prohibit them from working on particular matters affecting or involving crypto assets … candidates are often unwilling to divest their crypto assets to work for the SEC.”
In a separate report from Fortune, an SEC spokesperson minimized the agency’s hiring issues. That representative instead emphasized the company’s steady rate of hiring, relatively low attrition rates, and status as a “best place to work in government.” They also described various accomplishments around rulemaking and addressing challenges.
SEC is top regulator of crypto sector
The SEC is highly involved in regulation and enforcement concerning cryptocurrency companies and products. Currently, the agency has high-profile cases underway against two major crypto exchanges, Binance and Coinbase, as well as other firms.
The agency has also ended up with case rulings not entirely in its favor. Ripple won a partial victory regarding sales of the XRP token in July, while Grayscale won the right to have its proposed GBTC conversion reviewed by the agency in August.
Despite setbacks, the SEC has secured numerous victories and quickly reached settlements with several firms it targeted. The agency’s list of crypto-related actions names over 130 actions involving cryptocurrency, most of which have taken place since 2018.
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