As crypto shifts ever closer to the mainstream, in not only finance, but also in sectors as diverse as art, social networks, and gaming, it becomes increasingly important that regulatory requirements are addressed.
This is a two-way process, in which crypto organizations make an effort towards compliance, while financial authorities and political bodies tailor regulations to meet the unique characteristics of blockchain development. This movement from the authorities towards understanding and incorporating crypto is most apparent in the EU, through MiCA: a work in progress, but still, the world’s first comprehensive framework for meaningful crypto regulation.
And, in the US, legal wrangles between the SEC and various crypto entities (including Ripple Labs and Coinbase) may have been antagonistic in nature, but still represent an inevitable meeting between crypto companies and regulatory bodies, and what’s more, this is all taking place while a multitude of investors wait on the outcome of filings to launch spot BTC ETFs.
Interest in themed ETFs is shifting
From this perspective, it makes sense that crypto companies may seek to ease the process of ensuring regulatory compliance by hiring former regulators, and that is, in fact, exactly what has been taking place.
Meanwhile, a recent report by the Office of Inspector General at the SEC detailed a unique problem that agency in particular has when it comes to hiring crypto specialists, stating that: “Many qualified candidates hold crypto assets, which the Office of the Ethics Counsel has determined would prohibit them from working on particular matters affecting or involving crypto assets. This prohibition, according to SEC officials, has been detrimental to recruiting, as candidates are often unwilling to divest their crypto assets to work for the SEC.”
Fireblocks Hires Former NYDFS Regulator
The New York Department of Financial Services (NYDFS) is in charge of ensuring that financial services and products are properly regulated, and this month, a former NYDFS employee was hired by Fireblocks, which is an enterprise-grade platform delivering digital asset infrastructure for trading desks, exchanges, banks, and other entities.
Fireblocks has been named Best Technology Infrastructure for Blockchain at the PAY360 Awards! We are honored to be recognized for our commitment to helping PSPs integrate digital asset treasury operations with day-to-day financial activities on a secure platform where…
