According to Reuters, the Financial Industry Regulatory Authority— President and CEO Robert Cook is urging crypto professionals who have been laid off to contact the agency in order for the regulator to grow its resources in the cryptocurrency market.
The cryptocurrency market has been negative for the most of this month, with outflows reducing the money available to crypto businesses. Because of the present market circumstances, several of the top cryptocurrency firms, including Coinbase and Crypto.com, have announced layoffs.
However, these individuals may find refuge in organisations that are increasing their crypto staff. The Financial Industry Regulatory Authority (FINRA) of the United States has announced measures to increase its capabilities to supervise the cryptocurrency market.
Because of the market’s high volatility, cryptocurrency businesses located in the United States, such as Gemini and Coinbase, are laying off employees. These layoffs might result in the loss of thousands of jobs in space.
FINRA is one of the major regulatory organisations in the United States. The regulator employs around 3,600 individuals who are entrusted with overseeing a diverse variety of financial firms operating in sectors such as equities and cryptocurrency.
“We’re already having to interact in the sector, and we believe it’s important for us to beef up our skills there.” Give me a call if you’re being laid off from a crypto platform and want to work for FINRA,” Cook said.
Cook also noted some of the responsibilities that the regulating body may have. While monitoring the whole market, including various blockchains, the regulator was working on releasing digital asset verification procedures.
