Cryptocurrency Specialist Sought by Securities and Exchange Commission

[Pegasus]

Bitcoin enthusiasts have long despaired over the glacial pace taken by the U.S. Securities and Exchange Commission when it comes to giving the thumbs-up to virtual currencies. However, there may be some light at the end of the tunnel. The SEC is currently looking to hire a “cryptocurrency specialist.”

SEC Looking to Hire

A federal employment jobs website lists the job opening from the SEC. The government agency is looking for an attorney adviser to act as a “cryptocurrency specialist.” The job listing opened up on March 29th and will close on April 12th.

The cryptocurrency specialist position provides “expertise and coordinates the Division of Trading and Market’s activities regarding crypto and digital asset securities.” The position is a permanent one and offers an annual salary between $144,850 and $238,787.

Some of the responsibilities of the new position are:

• Coordinating with TM staff to establish a comprehensive plan to address crypto and digital asset securities and engaging with other Divisions and Offices on such matters.
• Serving as the TM’s point of contact for domestic and international regulators, market participants, and the public.
  
• Providing expert level comment on policy and workstreams.
  
• Developing and maintaining expert-level industry knowledge of crypto and digital asset securities and products, as well as legal and policy developments occurring in domestic and foreign jurisdictions;
  
• Applying 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.
  

However, not any crypto enthusiast can sign up for this new position. Applicants need to have a J.D. or LL.B. degree, be an active member of the bar in good standing, and have four years of post J.D. work experience as a practicing attorney. If such qualifications are too steep, then maybe you can hit up Jack Dorsey for a job with Square.

Bitcoin ETFs Still on Hold

While this hiring may be a signal for some optimism, it has to be tempered with some less-than-stellar news. The SEC has delayed a decision on making a rule change to allow Bitcoin ETFs to be listed.

The SEC now has until May 16th to come up with a decision. This move was prompted by the Bitwise application on February 15th. In its ruling, the SEC stated:

The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act, designates May 16, 2019 as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SRNYSEArca-2019-01).

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