Industry experts weigh in on SEC hiring more crypto cops
The United States Securities and Exchange Commission (SEC) is seeking to hire more people to focus on digital assets, raising the number of personnel charged with safeguarding investors in cryptocurrency markets by almost twofold.
The SEC's Cyber Unit, which comprises the Crypto Assets and Cyber team, is expected to hire 20 new people for 50 dedicated roles as reported by Cointelegraph on May 3. This development comes as the regulatory body attempts to keep up with the rise in the popularity of virtual assets.
The SEC's decision to expand its cryptocurrency assets unit has been praised by industry experts, with Dr. Anna Becker, CEO and co-founder of EndoTech, calling it "a welcome development." She believes that enhanced security, regulation and complex financial investment solutions will enable digital currencies to become more accepted.
On the crypto firms collaborating with regulators, she told Cointelegraph that "When we collaborate to set and uphold the rules, we will create a market that serves the public and gives them the opportunity to make money with proper protection." She added:
Jay Fraser, head of the strategy at BSTX, believes that crypto companies should interact with regulators. He noted that the severity of recent price declines might be partly attributed to a lack of depth and the number of active participants in cryptocurrency markets. According to Fraser, a consistent and predictable regulatory environment would potentially encourage more institutional traders to participate in dampening the price swings.
Andrea Gordon, a compliance expert and counsel at Eversheds Sutherland, stressed the importance of crypto businesses working with regulators. She told Cointelegraph that in an ideal world, firms would be
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