The US SEC is in a hard place as far as hiring of experts from the crypto space is concerned, and this cycle of incompetence at the highest levels will continue unless the commission can scrap some of its very unfavorable rules of joining its ranks.
Coverage:
In most industries and government agencies or sectors, the institutions involved always seek to acquire the most qualified talents from relevant fields. As such, government institutions involved in regulating and policing the crypto industry shouldn’t be any different – but there’s a problem.
Does SEC Take Away Employee Freedom?
The US SEC (Securities and Exchange Commission) is the top dog when it comes to keeping a vigilant eye on the financial markets within the borders of the United States – and sometimes beyond. It would be obvious that this regulator would want to hire the best people with proper experience in the Bitcoin industry, crypto, and blockchain.
However, the rules of engaging with SEC have kept many crypto experts away. For instance, it demands that new employees sell their Bitcoin and other crypto assets. This is not something any Bitcoin maxi or crypto lover would agree to.
This rule is seen by many as an attempt to erode employee freedoms – the same freedom that digital assets like Bitcoin are designed to protect.
Why Forcing Employees To Sell Their Bitcoin Is A Terrible Idea
As expected, the result of this is that the regulatory body has largely remained an institution that only attracts people with less than optimal expertize in the crypto markets, with the consequence that the body has failed to formulate proper regulatory policies for the industry.
As a matter of fact, many in the Bitcoin and crypto industry have accused SEC of stalling in policy-making for the industry and creating somewhat of a “gray-area” where SEC chairman Gary Gensler and his team can make or change rules on the fly.
The widely-publicized legal actions by SEC targeting various popular industry players like Ripple, Grayscale, Coinbase, Binance, and others is testament of this, and it has been seen by many people as witch-hunt against the industry.
What Now?
The big question remains: should SEC continue with its hardline stance on forcing employees out of the crypto space, or should these rules be reviewed to attract better talent to the policy-making table?
The decision lies with the top administration both in government and the regulatory body. On that note, it’s a fact that a lot of Bitcoiners and crypto lovers would want to see a few of theirs participating in making suitable rules for the industry.
Fortunately, a recent Reuters report indicates that the regulator might be considering a change of heart to welcome Bitcoin hodlers into its fold.
