- FINRA plans to increase resources to better understand and observe cryptocurrencies
- The move aligns with SEC plans to hire more crypto enforcement staff.
The Financial Industry Regulatory Authority (FINRA) is preparing for further involvement in cryptocurrencies after several members of the organization have shown interest in trading digital assets.
While federal agencies are considering market protection measures, FINRA expects to play a role in policing digital asset markets, Reuters reported Chief Executive Officer Robert Cook saying at an industry conference on Tuesday.
Cook said FINRA, which regulates US registered brokers and dealers, will need to engage with the industry and requires resources to do so.
FINRA has approved dozens of its members to trade cryptocurrencies, Cook said. In addition to increasing resources and staff, the non-governmental watchdog is exploring whether it can conduct cross-market surveillance via blockchains, she added.
Cook even encouraged employees recently laid off by crypto companies to call him. The fall in cryptocurrency prices has led to layoffs at major cryptocurrency exchanges, including Coinbase, Gemini, BitMEX, Buenbit, and Bitso.
Echoing Cook, Securities and Exchange Commission Chairman Gary Gensler called for urgent action to protect crypto investors and other market participants in a video interview Tuesday, citing this week’s account lockouts on Celsius and Binance.
Last month, the SEC (which oversees FINRA) pledged to increase the number of employees in its Cyber Units and Crypto Assets compliance division from 30 to 50 dedicated positions.
In any case, FINRA’s Cook is not alone in searching for employees laid off from the blockchain industry during one of the space’s most turbulent periods in years. Crypto entrepreneur Justin Sun said on a Tuesday cheep that their firms TRON, Poloniex, BitTorrent, USDD, APENFT, JUST Foundation and SunIO are actively hiring.
Binance too said has 2,000 open positions, while Kraken noted its global hiring push in a blog, confirming plans to fill more than 500 positions this year.
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