US lawmakers asked how long a regulator was banned from seeking employment in the industry, and asked regulators for clarification on the matter.
US Senator Elizabeth Warren and representative Alecandria Ocasio-Cortez have asked regulators to clarify the rules regarding former employees involved in the crypto industry.
US Lawmakers Ask Regulators for Clarification
Lawmakers sent the letter to nearly all federal financial regulators. Lawmakers asked how long people involved in regulating the crypto industry are prohibited from seeking employment in the industry. They wanted the lines to be clarified on this issue.
Supporters of the letter and lawmakers want to do something despite the lobbying efforts of crypto firms. They stated that they feared the appointment of former financial regulators and government officials in this regard.
The letter mentions the matter as follows:
“In the crypto industry, we are concerned that the revolving door risks disrupting policy making and undermining the public’s confidence in our financial regulators.”
This letter of lawmakers is addressed to the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Treasury, the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Currency Supervisor. what (OCC) was sent.
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