The US SEC Hiring a “Crypto Specialist” is Positive for Bitcoin ETF Applicants
The United States Securities and Exchange Commission (SEC) has so far rejected or postponed decisions on Bitcoin ETF. However, the commission recently posted that it is looking to hire a crypto specialist, a move that signals that it wants to learn more about digital currencies.
US SEC To Hire A Crypto Specialist
According to a job posting on the federal employment website USAJobs, the SEC revealed that it is looking to recruit an “Attorney-Adviser” that would serve as a cryptocurrency specialist. The job post was made on March 29 and application is ongoing until April 15.
The latest development indicates that the commission is stepping up its effort to learn more about cryptocurrencies and how the crypto sector operates. The crypto specialist is expected to have an in-depth knowledge of the federal securities laws and digital securities. This would help them determine how they would regulate the cryptocurrency sector.
According to the job post, the specialist will apply “knowledge of federal securities laws to digital asset securities and crypto matters, i.e., broker-dealer, exchange, clearing agency and transfer registrations, exchange product applications, sales, and trading practices, etc.” The successful person would also be tasked with serving as the agency’s point of contact for domestic and international regulators, market participants, and the public.
Positive News For Bitcoin ETF Applicants
The fact that the SEC is hiring cryptocurrency experts is good news for Bitcoin ETF applicants. So far, the commission has previously postponed deciding on Bitcoin ETF proposals while in some cases, it had denied the applications.
The agency had claimed multiple times that the crypto space is still mostly unregulated at this point and it would be risky to approve a Bitcoin ETF. However, there is a belief within the crypto community that the SEC is yet to make a decision because it lacks in-depth knowledge of the cryptocurrency space and how they work.
Recently, the commission announced that it had postponed its decision on the ETF proposals submitted by BitWise Asset Management and VanEck/SolidX. The agency stated that it would “either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change by May 16, 2019.”
By hiring a cryptocurrency specialist, the commission could make favorable decisions, and this is good news for Bitcoin ETF applicants. With the SEC decision roughly six weeks away, the hiring of a crypto specialist comes at a good time and could probably lead to the first ETF in the cryptocurrency space.
Blockchain Jobs Are Becoming Popular
Blockchain related posts are growing popular as more companies and entities are hiring people with knowledge of the emerging technology. Data pulled from Indeed.com shows that over the past year, there has been a 90 percent increase in blockchain and crypto related job postings. The figure is tally with other statistics which shows that blockchain-based jobs are up by 4,000 percent over the past three years.
What is even more interesting is the fact that the job postings mostly come from large corporate companies like Facebook, JPMorgan Chase, Deloitte, and other huge Wall Street companies. The interest from such companies shows that this is one of the best time to have a blockchain and crypto-related skill.