According to a report released by the Office of the Inspector General (OIG) of the U.S. Securities and Exchange Commission (SEC), the SEC is struggling to hire cryptocurrency experts who are willing to sell their own cryptocurrency assets to work for the agency.
The OIG report stated that the SEC faces 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 SEC’s biggest challenges in management and performance, highlighting that in addition to artificial intelligence, cryptocurrencies are considered a “new frontier” that presents unique challenges for regulatory agencies.
The report emphasized recent court rulings and mentioned the recent lawsuit filed by the SEC against Ripple Labs. It stated that there is currently no consistent legal precedent for cryptocurrencies, leading to “inconsistent rulings even by judges in the same jurisdiction on similar facts or issues.”
Source: The Block
