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The ability of authorities like the U.S. Securities and Exchange Commission (SEC) to fully comprehend and come up with legislative suggestions and recommendations that cater to the needs of the crypto space has long been questioned. Experts and crypto enthusiasts have always complained that the ones who are regulating the market have very little insight into its needs and limitations.
This lack of understanding leads to legislation that causes a great disconnect between the crypto industry and the SEC. However, recently it has been revealed that the SEC has shown intent to make strides towards improving the situation as they look to hire a “crypto specialist”.
According to the job portal USAJobs, which is an official US government jobs portal, the SEC is looking for a specialist in the field of crypto to take on a diverse set of responsibilities. The SEC’s Division of Trading and Markets plans to hire the new legal expert in order to help develop a “comprehensive plan” to address crypto and digital asset securities. The job posting goes into great detail regarding the responsibilities to be taken on.
Above all, the crypto specialist is expected to apply his/her knowledge of securities laws to digital asset securities. Broker-dealer, exchange, clearing agency, and transfer registrations, exchange product applications, sales, and trading practices, etc., are all part of a list of “crypto matters” that will also have to be dealt with by the new employee according to the job description provided on the job posting on USAJobs.
The job would also require the successful candidate to conduct periodic meetings with other divisions and agency staff to “foster collaboration, open communications and a common understanding of key issues, and relevant industry, legal and policy developments.” Furthermore, the hired individual would serve as the Division’s lead representative in the SEC’s FinTech Working Group and as liaison with the Financial Stability Oversight Council’s (FSOC’s) Digital Assets Working Group.
The role requires the candidate to:
- Hold a Juris Doctor (J.D.) or Bachelor of Laws (LL.B.) degree
- Have an active membership of the Federal Bar Association and be in “good standing.”
- 4 years of experience interpreting and applying the provisions of the laws, rules, and regulations that govern the securities industry, in particular, the Securities Exchange Act of 1934
The role offers an annual pay of salary in the range of $144,850–$238,787.
Above all, the job posting by the SEC has shown a movement by the regulatory agency towards attempting to clear any grey areas in terms of legislation and enforcement.