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Five U.S. Democrats led by Senator Elizabeth Warren written Heads of several financial regulators in the country have asked about the revolving door between government agencies and the cryptocurrency industry.
Letter citing Tech Transparency Project reportpointed out that over 200 former senior government officials are now working for cryptocurrency companies, playing a variety of roles, from investors to lobbyists.
According to lawmakers, the cryptocurrency industry has grown exponentially in recent years and has escalated its lobbying efforts for favorable regulatory outcomes. One of the ways we were able to achieve this is by hiring a few former government employees.
Lawmakers expressed concern that the “revolving door” could corrupt the policy-making process and undermine public confidence in financial regulators. They went on to say that the government’s policy was not created to “respond to the crypto industry’s desire to ‘avoid the kind of regulatory crackdowns it has faced in China and elsewhere. is worthy of conviction, he continued.
Sen. Warren and others are now asking financial regulators about ethical guidelines about how long they must wait before seeking work in industries that former employees interacted with or oversaw while in public office. I am asking you to answer
In addition, ethics and transparency rules to ensure agency integrity, challenges faced by agencies in enforcing the ethics of revolving door hiring, and to prevent conflicts of interest with current or former employees. agency policy should be clarified.
Agents must respond to the letter by November 7, 2022.
Several government officials have taken crypto jobs after leaving their previous jobs.
Former Deputy Currency Commissioner Brian Brooks briefly served as CEO of Binance US and also invested in cryptocurrency startup Solidus Labs. Brooks is currently CEO of Bitcoin mining company Bitfury.
Another senior government official who took a cryptocurrency job after resigning was Jay Clayton, former Chairman of the Securities and Exchange Commission (SEC). The SEC has launched a lawsuit against him under his chair.but he served Since leaving office, he has served as an advisor to several crypto-related companies.
Binance recently hired former Federal Bureau of Investigation (FBI) agent BJ Kang as its first head of investigation.
Other senior government officials such as former Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo and former SEC Director Brett Redfern also have roles in cryptocurrency companies.
