1 year ago
Five US Democratic lawmakers led by Senator Elizabeth Warren person written the heads of respective fiscal regulators successful the country, enquiring astir the “revolving door’ betwixt authorities agencies and the crypto industry.
The letter, citing a Tech Transparency Project report, noted that implicit 200 ex-government officials were present moving successful crypto firms and serving successful antithetic capacities that ranged from investors to lobbyists.
According to lawmakers, the crypto manufacture has grown successful leaps and bounds successful the past fewer years and has escalated its lobbying efforts to get favorable regulatory outcomes. One of the ways it has been capable to execute this is by hiring respective ex-government officials.
The lawmakers expressed concerns that the “revolving door” could corrupt the policymaking process and undermine the public’s spot successful the fiscal regulators. They continued that Americans merit to beryllium definite that authorities policies were not being created to “cater to the crypto industry’s tendency to ‘avoid the benignant of regulatory crackdown it has faced successful China and elsewhere.'”
Sen. Warren and others are present asking the fiscal regulators to reply questions surrounding their ethical guidelines connected however agelong a erstwhile worker has to hold earlier seeking employment successful an manufacture they interacted with oregon oversaw portion successful nationalist service.
Additionally, they privation clarity connected the morals and transparency rules to guarantee the integrity of the agencies, challenges facing the agencies successful enforcing the morals connected revolving doorway hires, and the agencies’ policies to forestall conflicts of involvement from existent oregon erstwhile employees.
The agencies person to respond to the missive earlier November 7, 2022.
Former US officials taking crypto jobs
Several authorities officials person taken up crypto jobs aft leaving their erstwhile jobs.
Former Acting Comptroller of the Currency Brian Brooks concisely served arsenic the CEO of Binance US and besides invested successful crypto startup Solidus Labs. Brooks is presently the CEO of the Bitcoin mining steadfast Bitfury.
Another authorities authoritative that took a crypto occupation aft leaving bureau was the erstwhile president of the Securities and Exchange Commission (SEC), Jay Clayton. The SEC began its suit against Ripple nether his chairmanship. However, helium has served arsenic an advisor to respective crypto-related firms since helium near office.
Binance besides precocious hired a erstwhile Federal Bureau of Investigation (FBI) cause B.J. Kang arsenic its archetypal caput of investigations.
Other authorities officials similar the erstwhile president of the Commodity Futures Trading Commission (CFTC) Chris Giancarlo, Ex-SEC Director Brett Redfearn, etc., person besides taken up roles successful crypto firms.
The station US lawmakers explicit interest implicit crypto firms hiring erstwhile authorities officials appeared archetypal connected CryptoSlate.
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