Rebuilding Reputation: Crypto Industry Seeks Legal and Compliance Experts
The cryptocurrency industry has been grappling with major challenges, including the collapse of FTX, fraud allegations, and the fall of some other high-profile companies.
This has created a need for legal and compliance professionals in the crypto sector, particularly due to the growing regulatory scrutiny and the industry's tarnished reputation.
In fact, hiring experts in compliance has become a daunting task for crypto firms due to the reputational and financial setbacks the industry has faced in the past year.
However, the expertise these professionals bring to the table can play a vital role in rebuilding the sector's damaged reputation.
"There’s such a stigma to the industry right now," Jorge Pesok, who is responsible for hiring legal team members at the nonprofit HBAR Foundation, told The Wall Street Journal.
"[The candidates] are just more hesitant to join now, because they are thinking about their long-term career moves, if it’s a smart idea, because some people have gotten burned."
In the past, crypto firms enticed legal and compliance talent with higher salaries, attractive perks such as equity, and opportunities to develop and implement compliance programs.
However, the recent crypto market crash has significantly diminished the industry's ability to attract talent.
Many professionals who were initially drawn to the opportunities in the crypto sphere are now hesitant to make the move or are returning to more stable companies in consulting or mainstream finance.
The events of the past year, including layoffs at Coinbase and bankruptcies of major crypto players like BlockFi and Celsius Network, have dampened enthusiasm for the industry.
As a result, hiring for compliance positions remains challenging, especially
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