Cryptocurrency in the U.S.. SEC Seeks New Professionals

The SEC is strengthening its team to deal with cryptocurrencies, working in an environment of regulatory uncertainty that requires more clarity.
Financial markets regulators are increasingly interested in what's going on in the cryptocurrency world. And among them is one that is an old familiar one for readers.
In the U.S., the Securities and Exchange Commission (SEC) is ramping up its efforts to provide more oversight and monitoring of the bitcoin and cryptocurrency market, requiring more resources and specialized staff. This direction, begun some time ago, is now turning into concrete action, with new attempts to hire specialists in the sector, even if only at the legal level.

SEC wants a bigger chunk in cryptocurrency regulation

The SEC is looking to increase its presence in the cryptocurrency sector by attempting to hire three new lawyers for its crime and abuse division in the sector.
The move signals a further desire by the agency to increase its influence in regulating the U.S. cryptocurrency market, in an uncompromising fight against the CFTC, a body that claims to control the market, at least as it relates to Bitcoin, Ethereum and major cryptocurrencies that are considered commodities.
The new officers will be responsible for conducting random investigations of crypto-assets and cyber-problems, as well as drafting subpoenas, interviewing witnesses, and evaluating testimony.

However, the SEC is operating in an environment without rules

Despite its intention to increase its presence in the cryptocurrency sector, the SEC is operating in an environment of regulatory uncertainty. SEC Chairman Gary Gensler has urged Congress not to intervene, believing that current nexus laws are sufficient to regulate cryptocurrencies. However, this approach is consistent with so-called "regulation by enforcement," a strategy that the agency has used in the past to regulate the market without passing specific new laws and which leaves it wide latitude and arbitrary.
This strategy has raised some concerns in the cryptocurrency industry, as many argue that more regulatory clarity is needed to ensure stable and sustainable growth in the sector. Some industry leaders, such as Coinbase CEO Brian Armstrong, are calling for more clarity and congressional intervention from regulators, which will likely continue in the recent court battle against the SEC itself - and which affects Coinbase's betting services.