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Several Democrats in the U.S. Senate and House of Representatives have sought information from the country’s top regulators and agencies regarding cryptocurrency companies hiring senior government officials to leave the country.
in letters Outdated Five U.S. Congressmen on Oct. 24 to the Commissioners of the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Treasury Department, the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Consumer Financial Protection Agency. asked for an answer. Regarding the steps taken by government ministries and agencies to stop the revolving door with the crypto industry. Senators Elizabeth Warren and Sheldon Whitehouse, as well as Rep. Alexandria Ocasio-Cortez, Sen. Jess Garcia, and Rep. It cited reports claiming that “staff” held positions as advisors, board members and investors. , lobbyist, legal counsel, and crypto company executive.
We have long recognized revolving doors in other sectors of the economy, from big tech to the defense industry to other parts of the financial services sector, and the risk that the cryptocurrency revolving door will undermine the policy-making process. undermining public confidence in our financial regulators,” the letter said, adding:
Just as powerful Wall Street stakeholders have hired former officials familiar with government inner workings to influence financial regulation, cryptocurrency companies are “regulating to the exact specifications of the industry. The system seems to be pursuing the same strategy to secure the system, in fact, hiring former regulators and government officials to force the crypto industry to offer many products to avoid regulatory scrutiny. It provides a sense of legitimacy that is the essential currency of the industry we design for. “
Five senators and representatives sought information on ethical guidelines on how regulators make choices when seeking employment. The letter sets a November 7 deadline for the regulator to respond to information about potential conflicts of interest. increase.
“Americans should be convinced that regulators are working for the people rather than auditioning for high-paying lobbying jobs when they leave public service,” lawmakers said.
Related: The U.S. Department of Commerce has 17 questions to help develop a cryptographic framework
Warren has repeatedly criticized the cryptocurrency industry for his position on the Senate Banking Committee and his work with members of the House of Representatives. On Oct. 12, she and six of her other members of Congress drafted a letter from the Texas power grid operator seeking information on energy use and potential environmental impacts by cryptocurrency miners. Among the senators’ proposed bills that will impact the industry include legislation aimed at shutting down crypto services offered by banks and cracking down on individuals trying to use crypto to evade sanctions. It is said that
