U.S. regulators may appear to have finally come to terms with the fact that the crypto industry isn’t going anywhere, but they are stalling nonetheless. The Securities and Exchange Commission (SEC) is on the hunt for a crypto specialist attorney, one who will seemingly provide yet more clarity as the agency navigates the choppy market terrain. While it’s good to see the agency dedicating resources to the future of bitcoin and blockchain, these developments have yet to result in any real progress toward regulatory clarity.
The crypto specialist will brief Chairman Jay Clayton on “salient developments” in the industry.
The SEC’s job posting coincides with the securities regulator announcing days ago it would delay its decision on a pair of bitcoin ETFs until May. According to the job posting, which was listed on the government’s USA Jobs board:
This is not the first time the SEC is making crypto-related appointments. So far, given the lack of any clear regulatory framework, however, these moves are little more than a smokescreen. Despite the creation of a FinTech Working Group and a Digital Assets Working Group, the securities watchdog appears no closer to crafting crypto and blockchain regulation today than it was a year ago, let alone approving a bitcoin ETF. They continue to rely on archaic formulas such as the 1946 “Howey Test” to determine if a digital asset fits the bill as a security and should be registered as such.
Incidentally, the crypto specialist will be tasked with working alongside both working groups as well as attending industry events.