The U.S. Financial Industry Regulatory Authority (FINRA) is reportedly planning to “enhance” its ability to monitor cryptocurrencies, a move that could include hiring employees recently laid off by crypto firms.
FINRA President and CEO Robert Cook encouraged crypto workers who expect to be laid off to contact the financial regulator as part of its efforts to increase resources related to the space, Reuters reported on Tuesday. Major U.S. cryptocurrency exchanges including Coinbase and Gemini have announced layoffs that could cost thousands of jobs amid extreme market volatility.
"We've had to get into this space, so we thought it was appropriate to strengthen our capabilities in this space," Cook said. "Anyone who's been fired from a crypto platform and wants to work for FINRA, please call me." .”
About 3,600 people currently work for FINRA, according to its website. Many firms registered with the financial regulator can trade stocks or cryptocurrencies on behalf of their clients. According to reports, Cook said that FINRA is working to develop digital asset verification technology, as well as cross-market surveillance on some blockchains.
Several crypto firms based outside the U.S., including Singapore-based Crypto.com, have announced similar layoffs amid the market downturn. On June 10, the exchange’s chief executive, Kris Marszalek, said it would lay off 260 employees to “ensure long-term sustainable growth.” However, Binance CEO Changpeng Zhao announced on Wednesday that the major cryptocurrency exchange is hiring for 2,000 open positions.