SEC Says It’s Having Trouble Hiring Crypto Experts: Here’s Why SEC Struggling to Hire Crypto Experts: The Reasons Behind the Issue
The U.S. Securities and Exchange Commission (SEC) is encountering challenges in recruiting and retaining cryptocurrency experts due to internal hiring limitations, as revealed in a recent report from the agency’s Inspector General. This predicament coincides with the SEC’s intensified efforts to regulate the blockchain industry, which has been described by its chairman Gary Gensler as “largely non-compliant.”
Challenges Faced by the SEC
The Inspector General’s report stated that the SEC is encountering difficulties in recruiting specialists in **crypto assets** for investigation and enforcement purposes. Despite initiating over 50 enforcement actions against crypto industry firms this year, including major global players like Coinbase and Binance, the SEC is still grappling with a lack of qualified experts and fierce competition from the private sector. Additionally, potential SEC candidates, who often have a deep understanding of cryptocurrency, are hesitant to divest their crypto assets, as possessing such assets would hinder their involvement in matters related to crypto at the SEC.
The report emphasized that **crypto** and artificial intelligence represent industries around which the SEC “must continuously adapt and build new expertise and capabilities.” Furthermore, it underscored the absence of “comprehensive authority” among market regulators to oversee spot markets for non-security cryptos, such as Bitcoin (BTC).
Perceptions and Ownership of Bitcoin
According to a global survey conducted in May 2022 by Block and Wakefield Research, over half of individuals who did not invest in **Bitcoin** attributed their decision to a lack of understanding about the cryptocurrency. Interestingly, the same survey revealed that perceived self-knowledge of Bitcoin was the strongest predictor of individuals’ willingness to purchase BTC at that time. This finding is especially noteworthy considering that Bitcoin, the largest cryptocurrency by market cap, has appreciated by over 100% this year.
In the U.S. Congress, notable proponents of cryptocurrency, including senators Cynthia Lummis and Ted Cruz, are known to be Bitcoin owners. Even presidential candidate Robert F. Kennedy is recognized as a Bitcoin owner.