According to a report released by the Office of the Inspector General (OIG) of the U.S. Securities and Exchange Commission (SEC), SEC is finding it difficult to hire cryptocurrency experts willing to sell their own crypto assets to work for the agency.
The report from OIG stated that SEC is facing a shortage of qualified expert candidates due to enforcement actions against major exchanges including Coinbase and Binance, as well as intense competition from private entities.
The report also detailed the biggest challenges SEC faces in management and performance, with cryptocurrencies considered an “emerging area” posing unique challenges for regulatory agencies alongside artificial intelligence.
The report highlighted recent court rulings, mentioning SEC’s recent lawsuit against Ripple Labs. It stated that there is currently no consistent legal precedent for cryptocurrencies, leading to “inconsistent rulings even among judges in the same jurisdiction on similar facts or issues”.
Source: The Block