Key Takeaways:
The SEC is offering a $50,000 incentive to employees who leave the agency by April 4, a new report from Bloomberg reveals. The move comes as Elon Musk’s Department of Government Efficiency (DOGE) aims to slash government expenditures by laying off tens of thousands of federal government workers en masse. The SEC scaled back their crypto enforcement team last month as they navigated a policy shift toward the digital asset sector.The United States Securities and Exchange (SEC) is offering its employees a $50,000 incentive to resign or retire by April 4 amid the Department of Government Efficiency’s (DOGE) mass layoff of federal workers, a new report from Bloomberg claims.
SEC Offers Incentive Amid DOGE Cuts
According to the media outlet’s March 4 report, an email sent to the federal agency’s employees by SEC Chief Operating Officer Ken Johnson this past Friday allegedly states that the regulator is offering a voluntary separation/retirement incentive to current staff members.
Workers who have been employed by the federal agency since January 2024 are eligible for the offer, with the deadline to accept listed as March 21, 2025.
Should employees accept the offer, they must resign, retire, or be transferred to another agency. If they return to work at the SEC within five years, the incentive must be paid back in full.
Crypto Regulation In The U.S. Begins To Shift
News of the regulator’s offer to employees comes amid DOGE’s plans to slash government expenditures, resulting in the firing of tens of thousands of federal workers.
Late last month, federal workers were hit with an email from the Office of Personnel Management asking them to provide a list of bullet points documenting what they had accomplished during their work week.
According to the Associated Press, Elon Musk and current U.S. President Donald Trump have indicated that those who refuse to comply with the email’s demands may lose their jobs.
The SEC, the primary agency tasked with overseeing crypto regulation nationwide, scaled back its crypto enforcement efforts last month.
Trump, who largely campaigned on enacting a crypto-friendly regulatory framework upon returning to the Oval Office, previously slammed now-resigned SEC Chair Gary Gensler for his regulation-by-enforcement approach to the digital asset sector.
Under Acting Chair Mark Uyeda, the federal regulator has since reversed course on several enforcement actions against key players in the crypto industry, including Kraken, OpenSea, and Coinbase.
The SEC is offering employees a $50,000 incentive to resign or retire, according to a new report from Bloomberg. The regulating agency’s offer to employees comes amid DOGE’s mass firing of federal workers in a bid to cut government expenditures.
Frequently Asked Questions (FAQs)
Employees who have been with the SEC since January 2024 are eligible to accept the voluntary separation/retirement incentive.
Eligible employees have until March 21, 2025 to accept the offer.
The offer is part of a broader effort by the Department of Government Efficiency (DOGE) to cut federal workforce costs.
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