The US Securities and Exchange Commission (SEC) has launched multiple legal battles, including the XRP lawsuit over the crypto industry to provide regulation. However, an inspector general’s report suggests that the SEC chairman and his associates lack knowledge in making rules for the markets.
SEC works low on quality personnel
Tom Emmer Congressman for Minnesota’s 6th district said SEC chairman Gary Gensler has been a disastrous leader. The research suggests that Gensler caused a mass exodus expertise of the staff.
More than 20% of leading lawyers and officials have left the Commission, he added. The congressman claimed the industry needs a regulator led by experts.
The investigation found that under Gary Gensler’s regime, the SEC’s staffing average across all departments of the commission this year was around 7%. Tom Emmer noted that taxpayers are funding hundreds of millions of dollars to the SEC where no one shows up to work.
Previously, Coingape reported that there is a huge divide among SEC executives over deciding the regulation on non-replaceable tokens.
Watchdog can’t manage resources
John Deaton, Amicus Curiae in the XRP lawsuit urged the congressman to support the Empower Oversight referral to the IG for an investigation into proven ethical violations by Bill Hinman. However, he asked for the SEC to clean up.
The attorney for XRP holders highlighted a section of the report stating that the SEC ran the risk of hiring attorneys who did not meet all of the qualifications. The Commission does not care whether a candidate has made it to the Bar before starting to work there. The quality of the audit is constantly deteriorating.
Eleanor Terrett, a Fox Business Journalist, mentioned that the IG reports state that department managers expressed concern about the difficulties in managing resources. While there are other works due to the dramatic increase in regulation. The SEC lends staff to get help making rules.
Ashish believes in decentralization and has a keen interest in evolving Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he’s not writing, he plays video games, watches a thriller, or works out outside. Reach me at [email protected]
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This post SEC staff lacks rule-making skills, IG report reveals
was published first on https://coingape.com/sec-staff-lacks-skill-for-rule-making-reveals-ig-report-xrp-lawsuit/