According to a report released by the Office of Inspector General (OIG) of the U.S. Securities and Exchange Commission (SEC), SEC is finding it difficult to hire cryptocurrency experts willing to divest their own crypto assets to work for the agency.
The OIG report states 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 sector.
The report also details the biggest challenges SEC faces in management and performance, with cryptocurrency being considered an “emerging area” posing unique challenges to regulatory agencies alongside artificial intelligence.
The report highlights recent court rulings and mentions SEC’s recent lawsuit against Ripple Labs. It states that there is still no consistent legal precedent for cryptocurrencies, leading to “inconsistent rulings by judges even within the same jurisdiction on similar facts or issues.”
Source: The Block