Crypto Aims to Boost Influence With Washington Hires

[mahatmakanejeeves]

Last edited Sat Mar 12, 2022, 09:03 AM - Edit history (1)

Source: The Wall Street Journal.

MARKETS

Crypto Aims to Boost Influence With Washington Hires

Facing scrutiny, cryptocurrency industry builds ranks with advisers and lawyers familiar with Capitol Hill

By Paul Kiernan and Dave Michaels
https://twitter.com/pkwsj
[e-mail]
https://twitter.com/davidamichaels
[e-mail]
March 12, 2022 5:30 am ET

WASHINGTON--The cryptocurrency industry has staked out a spot at Washington's revolving door, hiring scores of former government officials and regulators as it seeks to shape policies to govern the largely unregulated market. ... Those working for or advising cryptocurrency firms or investment funds include three former chairs of the Securities and Exchange Commission, three former chairs of the Commodity Futures Trading Commission, three former U.S. senators, and at least one former White House chief of staff, former Treasury secretary and former chair of the Federal Deposit Insurance Corporation.

The Tech Transparency Project, a watchdog group, has identified more than 200 former staffers of federal agencies, congressional offices and national political campaigns who have worked in crypto. They've gone to companies such as Coinbase, Circle and FTX, venture-capital funds such as Andreessen Horowitz, law firms representing cryptocurrency clients, and crypto-focused trade associations. ... The push comes as regulators are scrambling to craft rules to protect investors in the cryptocurrency market and safeguard against illicit activity or financial instability. President Biden on Wednesday signed an executive order tasking federal agencies with a broad review of cryptocurrencies.

"You just don't normally have industries this new accumulate this much hard and soft power in Washington," said Jeff Hauser, executive director of the Revolving Door Project, a progressive group. He noted that lobbying activity and political spending by crypto firms have surged alongside the recruiting of former government officials. ... The hires span a variety of roles and include alumni of both Republican and Democratic administrations. Industry representatives say former government officials can help companies comply with the law and understand regulatory expectations.

{snip}

Write to Paul Kiernan at [e-mail] and Dave Michaels at [e-mail].

Read more: https://www.wsj.com/articles/crypto-aims-to-boost-influence-with-washington-hires-11647042604

---

I was able to see the whole story at first, but now I can't do that.

Now all that's left is for DU's usual knee-jerk idiots to let us all know how much they hate The Wall Street Journal.

{edited to add a hyphen, as "knee-jerk" is a compound adjective}

-- -- -- -- -- --

The crypto industry is hiring scores of former government regulators, hoping to shape policies that will govern the largely unregulated market

Link to tweet

Crypto Aims to Boost Influence With Washington Hires
The cryptocurrency industry is hiring scores of former government officials, hoping to shape the policies that will govern the largely unregulated market.

-- -- -- -- -- --

https://twitter.com/TTP_updates

[Gilbert Moore]

1. Knee Jerk Idiot ?

The WSJ is a division of Dow Jones, which is currently owned by Rupert Murdoch's News Corp.

I think they own. . . Fox TV too. . . Oh my jerking knee !

[Vinca]

2. Just my opinion, but the whole crypto thing seems little more than a large feast prepared

for hackers. Russia, especially, will love it if we all go to crypto.

[snowybirdie]

3. Anyone remember

Holland and it's tulip boom?

P.S. We DUers do have various opinions. Please don't insult those who have one different than yours. This is a civilized forum.

[mahatmakanejeeves]

5. You make a valid point.

The last I counted, The Wall Street Journal. had been awarded 39 Pulitzer Prizes. Outside DU, it's widely recognized as being just about the gold standard for print journalism in this country. It runs good, solid news articles that you won't find much elsewhere. I try to hold a paper edition of it in my hands at least once a week.

Nonetheless, there is a group of DUers who seem to live to complain anytime a post links to The Wall Street Journal. If it ran an article, "Water is Wet," someone here would say, "no, it isn't!"

I saw such a thread earlier this morning. I might calm down as the day goes by.

I appreciate your writing.

[Blues Heron]

8. It was a little before my time

Wasn’t that in the 1600s?

[multigraincracker]

4. Every time I hear someone explain cryptocurrency,

they talk in circles.

[modrepub]

6. We'll See...

Seems weird. Part of the allure to crypto is that it's decentralized and free from any government control (currency manipulation). So if that's the case, why would anyone organize to "support" it? Oh yea, the banking interests who stand to gain from packaging these up and promoting them to "investors".

Gets me thinking of a couple of investor sayings. The first, don't invest in anything you don't understand. Second, there's a sucker born every minute. And finally, be careful investing in anything when you see taxi cab drivers, shoe shiners and other "common" folk investing in something "because it's hot".

Some have associated the rise in crypto currencies to the loose money policies central banks have been practicing for decades. When there's a lot of money to invest coupled with low interest rates, there's more likelihood that money will find its way to speculative investments. Think the dot com bust of the late 90s...

BOOM!

[jmowreader]

9. The funny thing is...

Crypto is NOT immune to market manipulation.

[paleotn]

7. The preferred store of value for criminals and despots everywhere.

Outlaw the entire concept. Currency is the realm of nation states. Period. EOM.

[womanofthehills]

10. Actually NFT's are working out well for many artists

Who are not criminals and despots. In fact, I’m going to get me a crypto wallet this week and start making some NFT’s. Many of us depended on stock photography for part of our income and that has gone downhill fast - so NFT’s are where it’s at for many artists right now.

[littlemissmartypants]

11. Has anyone else heard that

"Crypto" uses exceptionally high amounts of electricity and has a huge carbon footprint?