The GAO, in its assessment, found that although SEC has a dedicated wing towards emerging technologies, it's not well equipped to deal with the challenges at the moment and needs certain improvements.
The United States Government Accountability Office (GAO) recommended three key execution plans to the Securities and Exchange Commission before its spot Bitcoin exchange-traded fund (ETF) approval on Jan. 10. The recommendations were focused on workforce management for the digital asset market and how the regulator would deal with the nascent industry in the coming years.
The GAO recommendations were put forward to the SEC on Dec. 15 and made public on Jan. 16. The GAO report recommended that the SEC prepare a new workforce plan, document policies and procedures for SEC’s Strategic Hub for Innovation and Financial Technology (FinHub) internal controls, and then develop performance goals and measures for FinHub.
GAO is an independent, nonpartisan audit institution of the U.S. federal government within the legislative branch that offers auditing, evaluative, and investigative services for the U.S. Congress.
