The Securities Commission of the U. S. is looking to employ more employees to concentrate on virtual currencies, nearly doubling the number of people tasked with protecting shareholders in the crypto market.
According to Cointelegraph, the SEC’s Internet cyber System, which also includes the Crypto Investments and Cyber team members, is anticipated to hire 20 fresh individuals, bringing the number of power to 50 devoted positions. This growth happens as the governing agency tries to keep pace with the increasing fame of virtual money.
Industry experts have commended the SEC’s plans to expand its virtual currency unit, to Dr. Anna Becker, Chief operating officer and founder of EndoTech, trying to call it a “positive development.” She appears to believe that heightened security, regulatory oversight, and complicated financial money transfers will help.
Becker informed Cointelegraph that even when crypto firms collaborate with regulatory agencies, “we will make a market that benefits the people and provides them the potential to earn money while being properly protected.” She continued, saying:
“This industry is still very much in its early stages. When we talk about cryptocurrency trading, we should have the same sorts of protections that have progressed in shares as well as other mainline markets placed above a white time. These should allow altcoins to mature towards a more rigorous asset with more advanced investment tools.”
According to Jay Fraser, chief of strategy at BSTX, crypto businesses must interact with regulatory agencies. He mentioned that now the intensity of the latest falling prices could be credited in part to the lack of depth.
Andrea Gordon, a conformance specialist, and guidance at Eversheds Spencer underlined the role of cryptocurrency business owners in collaborating with regulatory agencies. She tried to tell Cointelegraph that in an ideal world, companies would’ve been able to have a civil conversation with officials about targeted treatment because the regulatory regime for cryptos is changing constantly.
As per Gordon, a few businesses could be unprepared to cooperate with officials so because the process could be expensive and time-consuming (postponing a new product) or outcome in regulatory action. She used Coinbase’s run-in with both the SEC over its own Lend provider as an example.