According to a report by the Department of Inspector General, the US Securities and Exchange Commission (SEC) is facing difficulties in hiring experts in cryptocurrency due to the reluctance of qualified applicants to part with their digital assets.
The document states that many potential candidates possess crypto assets that are prohibited by the Office of Ethics Counsel from working on relevant matters.
This has made it challenging for the SEC to hire suitable employees and has forced many qualified individuals to seek out opportunities in the private sector.
The report also highlighted concerns about the SEC’s senior management and performance, as well as the challenges posed by emerging technologies such as artificial intelligence and cryptocurrency.
The agency acknowledges that it must continuously monitor the market and update its expertise, rules, regulations, and supervisory tools.
However, the rapid growth of cryptocurrencies poses a particular challenge for the SEC.
The report also notes the lack of consistent legal precedent for cryptocurrencies, citing conflicting decisions made by judges in the same circuit.