Skip to content

Bitcoin Trading News

Trading Digital Currency

Primary Menu
  • Home
  • Bitcoin
  • News
  • Apps
  • Mining
  • Exchanges
  • Brokers
  • Sitemap
  • Home
  • Crypto News
  • US Lawmakers Probe Treasury, SEC And Fed Over Crypto Industry Movements
  • Crypto News
  • Regulation

US Lawmakers Probe Treasury, SEC And Fed Over Crypto Industry Movements

Jose Stork October 28, 2022 2 min read

The revolving door between the crypto industry and financial regulators has pushed US lawmakers to become concerned about the matter.

According to a lawmaker, more than 200 officials of the government have moved between crypto companies and public service.

This includes 28 officials of the Securities and Exchange Commission (SEC) and 31 officials from the Treasury Department.

Revolving door

Seven financial regulators have been sent a letter by five US lawmakers in which they have inquired about the measures implemented for preventing a revolving door between the crypto industry and their respective agency.

Dated October 24th, the letters were signed by Senator Sheldon Whitehouse, Senator Elizabeth Warren, Representative Jesus G. ‘Chuy’ Garcia, Representative Alexandria Ocasio-Cortez and Representative Rashida Tlaib.

The first three recipients of the letter were Gary Gensler, the Chairman of the Securities and Exchange Commission (SEC), Rostin Behnam, the Chairman of the Commodity Futures Trading Commission (CFTC), and Janet Yellen, the Treasury Secretary.

Then came, Jerome Powell, the Chairman of the Federal Reserve, Rohit Chopra, the Director of the Consumer Financial Protection Bureau (CFPB), Michael J. Hsu, the Acting Comptroller of the Currency of the OCC and Martin Gruenberg, the Acting Chair of the Federal Deposit Insurance Corporation.

The contents

The lawmakers said in the letter that they were looking for information about the steps that these respective agencies were taking for stopping the revolving door between them and the crypto industry.

They said that the lobbying efforts of the crypto industry had seen an escalation in recent months, as it had spent millions for securing favorable regulatory decisions.

This is in light of federal agencies and Congress working on crafting and enforcing rules for regulating the crypto industry, which is worth more than a trillion dollars.

The lawmakers said that as part of their efforts, the crypto industry had employed hundreds of former government officials and this was a cause for concern.

They said that such a revolving door could lead to corruption in the policymaking process and also undermine the trust of the public in the regulatory authorities.

The numbers

The Tech Transparency Project has revealed that about 200 officials have moved between the crypto space and the government, taking positions of legal counsel, investors, lobbyists, board members, advisers and in-house executives.

According to the lawmakers, these include 31 officials of the Treasury Department, 15 officials of the CFTC, 28 officials of the SEC, five officials of the OCC, six officials of the Fed, 3 officials of CFPB and two officials of FDIC.

The letter further said that there were also 79 former staffers of Congress, eight ex-members of the Congress, and 32 former officials of the White House that are currently lobbying or advising for crypto companies.

The lawmakers said that the public needs to be confident that the regulatory agencies are working for the public, rather than trying to get a high-paying job once they leave the government.

They said that these goals are undermined due to the revolving door that exists between the crypto sector and the government.

Continue Reading

Previous: Major Bitcoin Stakeholders And Crypto Whales Scoop Up Tokens Around $20,000
Next: Dogechain Defies Odds Once Again as Prices Rise by an Incredible 257% in a Week

Recent Posts

  • Fast Refund Group Review, Fastrefundgroup.com – Is FastRefundGroup Scam Or A Trusted Broker?

    Fast Refund Group Review, Fastrefundgroup.com – Is FastRefundGroup Scam Or A Trusted Broker?

  • Binetrix Review – A Variety of Educational Materials to Help You Trade

    Binetrix Review – A Variety of Educational Materials to Help You Trade

  • Protocol Labs Partnership with Accounting Firm Cryptio to Facilitate Filecoin Miners Go Public

    Protocol Labs Partnership with Accounting Firm Cryptio to Facilitate Filecoin Miners Go Public

  • UniTrust Venture Review – Is This A Versatile Online Trading Brand?

    UniTrust Venture Review – Is This A Versatile Online Trading Brand?

  • Axia review – Is this a legit CFD broker?

    Axia review – Is this a legit CFD broker?

  • TRADE.com Review – What Does This Broker Offer Traders In 2023

    TRADE.com Review – What Does This Broker Offer Traders In 2023

  • TradeSmart Academy Review – 3 Ways It Makes Learning Easy for Traders

    TradeSmart Academy Review – 3 Ways It Makes Learning Easy for Traders

  • Trades Universal Review – A Broker with a Great Vision

    Trades Universal Review – A Broker with a Great Vision

  • Why Choose Copy Trading Over Other Forms of Trading?

    Why Choose Copy Trading Over Other Forms of Trading?

  • Predictions For Big Eyes Coin Are Quite Hopeful

  • A Group Of Influential Us Senators Introduce Legislation Addressing The Crypto Industry

    A Group Of Influential Us Senators Introduce Legislation Addressing The Crypto Industry

  • Bill That Will Strengthen Crypto-money Laundry Regulations

    Bill That Will Strengthen Crypto-money Laundry Regulations

  • BTC Soars To A New Monthly High After The US CPI Report

    BTC Soars To A New Monthly High After The US CPI Report

  • FSB Intends to Establish Cryptocurrency Regulation Rules

    FSB Intends to Establish Cryptocurrency Regulation Rules

  • Ledger Stax With Tony Fadell Joining The Dev Team

    Ledger Stax With Tony Fadell Joining The Dev Team

  • The Crypto Market Is In Bad Shape, But Investors Are Still Bullish

    The Crypto Market Is In Bad Shape, But Investors Are Still Bullish

  • Michael Zetser’s Unique Approach to Fixing the Fintech Industry

    Michael Zetser’s Unique Approach to Fixing the Fintech Industry

  • Mobile Is Still The Biggest Technological Platform For Crypto

    Mobile Is Still The Biggest Technological Platform For Crypto

  • SushiSwap Wants to Restructure to Avoid Insolvency

    SushiSwap Wants to Restructure to Avoid Insolvency

  • Crypto Miners Have To Look For New Havens As Kazakhstan Tightens Regulations

    Crypto Miners Have To Look For New Havens As Kazakhstan Tightens Regulations

  • ‘Programming Languages’ A Key To Improving Security Of DeFi Protocols And Crypto Industry

    ‘Programming Languages’ A Key To Improving Security Of DeFi Protocols And Crypto Industry

  • Market Interest Keeps Growing in Oryen, Early Investors Enjoy 140% Gains Already

    Market Interest Keeps Growing in Oryen, Early Investors Enjoy 140% Gains Already

  • Cardano’s Opportunity to Shine Fades Due to Stablecoin Development Issues

    Cardano’s Opportunity to Shine Fades Due to Stablecoin Development Issues

  • Despite Launch of ApeCoin DAO Marketplace, ApeCoin Prices Have Fallen By 3.42%

    Despite Launch of ApeCoin DAO Marketplace, ApeCoin Prices Have Fallen By 3.42%

  • Huobi Adds An Extra Layer Of Security Around Its HBTC H-Token

    Huobi Adds An Extra Layer Of Security Around Its HBTC H-Token

  • XRP Observes a Strong Rally That Has Pushed It to 3-Week High

    XRP Observes a Strong Rally That Has Pushed It to 3-Week High

  • Cryptocurrencies to Face Tighter Regulations in Africa, Advise by IMF

    Cryptocurrencies to Face Tighter Regulations in Africa, Advise by IMF

  • ETH’s Trading Price Has Recorded A Plunge, Fears A Further Dip Below $1,000

    ETH’s Trading Price Has Recorded A Plunge, Fears A Further Dip Below $1,000

  • Cardano To Hype Its Adoption As It Wants To Launch A New Stablecoin

    Cardano To Hype Its Adoption As It Wants To Launch A New Stablecoin

  • SNM Trading Prices Surge By 4,000%, Users Expect A Pump And Dump Scheme

    SNM Trading Prices Surge By 4,000%, Users Expect A Pump And Dump Scheme

You may have missed

Fast Refund Group Review, Fastrefundgroup.com – Is FastRefundGroup Scam Or A Trusted Broker?
3 min read
  • Reviews

Fast Refund Group Review, Fastrefundgroup.com – Is FastRefundGroup Scam Or A Trusted Broker?

March 20, 2023
Binetrix Review – A Variety of Educational Materials to Help You Trade
3 min read
  • Cryptocurrency Brokers

Binetrix Review – A Variety of Educational Materials to Help You Trade

March 19, 2023
Protocol Labs Partnership with Accounting Firm Cryptio to Facilitate Filecoin Miners Go Public
2 min read
  • Bitcoin

Protocol Labs Partnership with Accounting Firm Cryptio to Facilitate Filecoin Miners Go Public

March 15, 2023
UniTrust Venture Review – Is This A Versatile Online Trading Brand?
3 min read
  • Cryptocurrency Brokers
  • Reviews

UniTrust Venture Review – Is This A Versatile Online Trading Brand?

February 7, 2023
Bitcoin Trading News | MoreNews by AF themes.