The Financial Industry Regulatory Authority, or The United States’ FINRA reportedly plans to “increase” its ability to oversee cryptocurrencies, a move that could include hiring recently laid-off employees of crypto firms.
According to a Reuters report on Tuesday, FINRA President and CEO Robert Cook encouraged cryptocurrency workers expected to be laid off to approach the financial regulator as part of his efforts to increase resources related to the space. . Major cryptocurrency exchanges in the United States, including Coinbase and Gemini, have announced plans to cut staff amid extreme market volatility, likely resulting in the loss of thousands of workers.
“We’re already having to engage in space and we think it’s appropriate that we increase our capabilities there as a result,” Cook said. “Anyone who gets laid off from a cryptocurrency platform and wants to work for FINRA, give me a call.”
Currently, about 3,600 people work at FINRA, according to its website. Many companies registered with the financial regulator can trade stocks or cryptocurrencies on behalf of their clients. Cook is reported to have said that FINRA was working on developing digital asset verification techniques as well as cross-market surveillance on some blockchains.
Some crypto firms based outside the United States, such as Singapore-based Crypto.com, have announced similar job cuts during the market downturn. CEO Kris Marszalek said on June 10 that the exchange would let go of 260 employees in an effort to “ensure continued long-term sustainable growth.” However, the CEO of Binance, Changpeng Zhao, ad on Wednesday that the major cryptocurrency exchange had 2,000 open positions it was hiring for.
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