FINRA is expected to play a crucial role in backing employees fired from various crypto businesses.
On June 14, the Financial Industry Regulatory Authority (FINRA) - a US watchdog regulating registered brokers and broker-dealers - issued a statement regarding a plan to boost its capability in order to start monitoring crypto more efficiently. The initiative arrives right after various organizations expressed their desire to trade in digital assets.
The news comes amid various crypto exchanges laying off a significant number of employees. For instance, on June 14, Coinbase released a statement, indicating that the company will lay off around 18% of its employees. Likewise, Gemini has also recently mentioned that it would fire 10% of the staff.
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For such a reason, Robert Cook, CEO and president of FINRA, mentioned that workers who were recently thrown out from crypto-related organizations can contact the Wall Street watchdog for some working opportunities. Cook stated:
"We're going to need to be engaged and prepared to have the resources to do that, so anybody who is getting laid off from a crypto platform and wants to work for FINRA, give me a call.”
During a trading industry conference, Cook mentioned that FINRA is already "engaged in the space”, thus it seems logical for the regulator to “bulk up” its capabilities in such a field.
Furthermore, Cook implied that a significant number of FINRA’s partners are legally permitted to trade digital asset securities. Likewise, people working with the regulator have the ability to trade cryptocurrencies in the name of their customers.
Currently, FINRA has more than 3500 employees nationwide. FINRA’s CEO mentioned that the watchdog is exploring the possibilities of doing cross-market surveillance on different blockchains. On top of that, FINRA is also on a determined path to develop digital asset verification techniques.
In fact, Cook isn't the only one with such an initiative to welcome laid-off workers in the crypto sector. On June 14, crypto entrepreneur and CEO of BitTorrent Justin Sun stated that P2P file-sharing protocol BitTorrent, crypto exchange Poloniex, TRON, USDD, JUST Foundation, APENFT, and SUNIO are "targetting to hire 50% or more."
On the same note, earlier in June, the world’s largest crypto exchange Binance also stated that it would bring in 2000 more employees to the team amid the crypto bear market.
