Crypto Sector Seeks Lawyers, Compliance Officers After Reputational Hits

livemint.com:

The cryptocurrency industry has been battered by the collapse of crypto exchange FTX and the fraud allegations surrounding it, as well as implosions at other big crypto players. For the firms that remain standing, growing regulatory pressure means there is a stronger need than ever for compliance talent. Given the reputational and financial hits to the industry in the past year, attracting legal and compliance workers to work for crypto firms is challenging, say those hiring for positions in the industry.

But the expertise compliance professionals can bring to the job is likely to make a big impact in helping to rebuild the sector’s damaged reputation. To attract talent, some crypto firms are trying hard to distinguish themselves from the bad actors in the sector by promoting their approach to compliance. But it isn’t easy.

“There’s such a stigma to the industry right now," said Jorge Pesok, who is hiring people for the legal team at the nonprofit HBAR Foundation, which awards grants to crypto projects. “[The candidates] are just more hesitant to join now, because they are thinking about their long-term career moves, if it’s a smart idea, because some people have gotten burned," said Pesok, who serves as chief legal officer at the foundation. He made the jump to crypto full-time in 2021, serving as the general counsel and chief compliance officer at crypto exchange platform Tacen.