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Warren, Ocasio-Cortez Ask Regulators to Clarify Stance on Crypto Hires
The U.S. lawmakers asked how long an individual is barred from seeking employment in an industry he or she has regulated.
Updated Oct 25, 2022, 5:56 p.m. Published Oct 25, 2022, 11:58 a.m.
U.S. Sen. Elizabeth Warren (D-Mass.) and Rep. Alexandria Ocasio-Cortez (D-N.Y.) have asked regulators to clarify their rules on former employees taking roles in the crypto industry.
In a letter sent to almost all federal financial regulators, the lawmakers noted "the increasing number of revolving door hires" and asked how long individuals involved in regulating the crypto industry are barred from seeking employment in it.
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Along with their fellow signatories, the two say they are concerned that crypto firms may appoint former financial regulators and government officials to add some teeth to their lobbying efforts.
"We are concerned that the crypto revolving door risks corrupting the policymaking process and undermining the public’s trust in our financial regulators," the letter said.
The letter was addressed to the Securities and Exchange Commission, Commodity Futures Trading Commission), Treasury, Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency.
Warren has been a frequent critic of the crypto industry, particularly with regard to the energy usage of bitcoin mining.
Read more: Crypto Investment Firm Digital Currency Group Registers Executive as Lobbyist
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The White House has shut down proposals, and lawmakers are circulating the Democrats' asks in what had been a close negotiation, revealing 11th-hour pressure.
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- Democrats shared a response to Republicans outlining their continuing priorities for a crypto market structure bill, which they said was intended to "reach an agreement and proceed towards a mark-up."
- The document laid out concerns with financial stability, market integrity and public officials' ability to trade and profit off of crypto, echoing concerns laid out in a framework Democrats shared in September.
- The Senate is running out of time in the Congressional calendar to hold a markup hearing — a key step toward progressing the bill — before 2025 ends.
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