Crypto firms are rushing to hire former regulators as federal agencies look to tame the ‘Wild West’ industry

In the past few months, the biggest crypto exchange has brought on a small army of former regulators – including former acting Comptroller of the Currency Brian Brooks, Senate Finance Committee chair Max Baucus, IRS criminal investigator Greg Monahan, and California’s chief financial regulator Manuel Alvarez. Since May, Binance says they have added 110 new employees to its compliance and customer-support teams.

Other crypto firms are also rushing to onboard former regulators, including most recently Donald Trump’s SEC Chair Jay Clayton joining the $2 billion crypto platform Fireblocks. In April, former CFTC Chair Chris Giancarlo joined the board of BlockFi. Ripple hired Barack Obama’s SEC Chair Mary Jo White to defend the company against a lawsuit from her former agency.

Source: Crypto firms are rushing to hire former regulators as federal agencies look to tame the ‘Wild West’ industry | Currency News | Financial and Business News | Markets Insider