A recent government report revealed that the SEC is having a tough time attracting crypto experts. It seems many professionals are hesitant to sell off their crypto investments just to take a job with the agency. The report points to conflict of interest rules and stiff competition from the private sector making it hard to bring in the right talent.
With the SEC currently dealing with cases against several big players in the crypto space like Ripple, Binance, and Coinbase, it's becoming more crucial for them to hire knowledgeable experts. But the rules force these professionals to cash out their crypto holdings if they want to join the agency, which is a big roadblock.
I imagine that it is not only this, but also that pay in the public sector is usually lower than in the private sector. Getting paid less, having to sell your digital assets and betraying your industry peers on top of that doesn't seem like a very attractive scenario to accept without thinking much about it.
Karma is a bitch.
SEC is the reason for many FUD on crypto which every crypto holders is affected. I doubt that someone in crypto industry will help this department that main goal is to suppress anonymity of crypto.
They should just invest on training someone to become crypto expert rather than hire from crypto community that despise them badly.
I believe that the weak wages compared to the private sector and the disadvantage of selling the cryptocurrencies you own. Most experts are young and prefer jobs that allow them more freedom than government work, which is suitable for those who want to prepare plans for retirement, are all reasons that will make finding such experts very difficult. The price of Bitcoin will rise during the next 18 months. If I want a job that forces me to sell what I own, I would prefer to apply for it in 18 months and not now.
Reminds of that time when the NSA had problems recruiting new talent due to their strict policies regarding past and present recreational drug use. Though supposedly they have revised that ruling not that long ago.
Imagine freshly trained crypto experts quitting their government jobs to FOMO into crypto
Hahaha after losing a lot from company like Ripple and Binance in court they currently hiring the experts, Hope they found one . But I dont know there will be experts who want to join the SEC, like poker player said it will be less attractive
What exactly do these qualified experts do? Giving them suggestions on how to make the laws more strict or help them recover locked crypto assets? As far as I can tell, there doesn't seem to be a concise definition of this position. If it is related to their legal case, can't they just hire more lawyers/prosecutors and ask them to learn about crypto?
The article also mentioned competition and inconsistency in how the judge interprets the laws. Makes me wonder who competes with SEC on hiring them.
In Russian this is called an unplowed field.
This is what they say when there is a lot of work and there are constantly not enough workers. Of course, the SEC can hire specialists, but they need the best experts, because crypto companies have already learned to resist the SEC and win cases against them.
To punish all violators of the law, the SEC does not have enough time and resources even with an increase in staff.
This is madness but I wont blame them if they dont since they can get more income when they FOMO in crypto especially on bull market instead of being a dog by SEC with a fix salary.
I wonder if someone will took this job from crypto community then become a mole on whats the SEC plan inside to early counter it by crypto project. This will be a very good plot twist for this job recruitment.
This is not serious. When you get a job, you will sign a lot of non-disclosure agreements and other rules, if you violate them, you will sit in prison for a very long time.
In Russia, newcomers work for 3-5 years in the police and prosecutors office, and then become successful lawyers
And it just shows how intelligent crypto enthusiast are, hehehe. I mean you have to sell all your crypto just to get this job? No way that I will do that just for a place in SEC and with that kind of salary. This is a niche so it will very hard to find someone with the skills that they are looking for. Unless it's a non-crypto guy, but then again, how can he/she be an effective recruit if the person doesn't know a thing or two? So this is not going to be easy for SEC to find anyone in the crypto space. So let's see, with the coming bull run next year, it will be really hard to sell our stash just to get this job.
This is not karma. There is a requirement that before they can be hired, they should dump all of their cryptocoins and tokens. Why would anyone who has invested in the cryptospace do this? It would be something similar as becoming a traitor to the community hehehe. Also, it might be earning lesser than holding the right coins.
Do you know what question a Russian person will immediately ask?
I'm not allowed to hold cryptocurrencies, but my wife or my child is also not allowed to do so?
In Russia, deputies and officials are prohibited from doing business, but their children, wives and close relatives are statistically the most successful entrepreneurs:)
The SEC could always hire and train new crypto experts but it seems they want to hire experienced experts. The US government is preparing to expand its regulatory function which is why they need personnel that have a wealth of experience in the sector. People will gladly help the SEC but no real crypto enthusiast will want to dump his coin or give away his privacy for the SEC's reward.
I am just wondering why they want these proposed workers to obey the mandate to divest while the US government is holding large sums of cryptocurrencies. Does it mean that the current staff of the SEC are mandated not to own crypto or is this law limited to only these new recruits? Maybe these proposed applicants have special tasks to accomplish that require them not to hold cryptos.
LOL, but yeah, it has nothing to do with Karma, but maybe @Eternad is just sarcastic when he says that SEC is getting what they deserved for now. I mean they have been the bane of crypto enthusiast and most of the time, we think that they are really anti-crypto or having a hard stance.
Nevertheless, it seems that this just just a hurdle, who knows, maybe the pay rate is really that good that someone will take a bite on this job.
We all know that in the US there is also a problem with people not having a job and obviously, it's hard for them. But if they see fit in this role then why not?
Typically, laws apply to all employees of an organization. Even if, perhaps, the possession of cryptocurrencies was not prohibited before, then after such a rule is introduced, all employees are required to comply with it. I don't know what about the cleaners or the security guards. But I'm more interested in what can be said about the conflict of interest between close relatives.
The pay rate might be good, however, what type of crypto experts would be attracted to work for the government? We have witnessed much of the experts in the cryptospace are scammers, some of the founders of many projects are not really experts and the investors who do their research invest in them only for their future potential not for what they presently are.
I am afraid the experts that the SEC will be hiring might not be real experts because real experts are very difficult to find.
That will be the biggest question on how they will define what "crypto experts" means, maybe here in our community or any other crypto community, they might have a different meaning for them. And even up to this day, we could have been debating the meaning of that and because it encompass a broader subject. Could be in terms of laws, or they could be looking as somewhat we can see a possible crypto scams and others.
So it's a very broad subject and maybe that's why they have a hard time finding the right now and there is actually no real experts in this field as it is generally fairly young. So they will have to set everything by precedent and it could be some mistakes by this so called experts as far as decision making is.
The SEC might end up losing more employees if the new law is forced on old employees. This is because some of them might resign since they will not want to dispose of their cryptocurrencies. This directive will be difficult to implement considering the pseudonymous of cryptocurrencies. I am also interested in how the SEC intends to manage or control how close family members of such employees will deal with crypto.
The job specification will determine how the organization will define the word "crypto expert". If an applicant possesses the skills that are needed to perform the specified task, then he could be classified as an expert because he can accomplish the task.
I can explain this to you using the example of a large Russian company such as Sberbank. If you work with Sberbank, this does not mean that you will have information for trading shares of this company on the stock exchange. You will perform a certain part of the work and sign a non-disclosure agreement. And your knowledge will not help you speculate in the market. Therefore, in order to gain access to significant information, you will have to work for a very long time and apply for a high position in the company. But once you achieve this, you won't have to break the law for profit. You will have enough money anyway.