Sen. Elizabeth Warren (D-MA), a regular critic of the cryptocurrency industry, along with Sen. Sheldon Whitehouse (D-R.I) and three members of Congress, have asked regulators to shed light on their stance about cryptocurrency firms hiring former government employees. The lawmakers cited their concerns over "the increasing number of revolving door hires," and inquired about how long a person who regulated the crypto industry is prohibited from seeking employment in that space, they wrote in a recent letter sent to a raft of financial regulators, including the Securities and Exchange Commission, Commodity Futures Trading Commission, Treasury Department, Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency.Furthermore, "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 read. That's in reference to crypto firms that may be hiring ex-government officials to boost their lobbying efforts. More than 200 government staff have moved between public service and crypto firms, most of which included Treasury Department officials, the lawmakers noted, citing data from the Tech Transparency Project. Last week, (Oct. 23) the CFTC highlighted that 22% of its enforcement actions involved digital assets. Dear readers: We recognize that politics often intersects with the financial news...
