WSJ: cryptocurrency is slowly infiltrating the political field

Blockchain headlines 2022-04-06 02:29:47 阅读数:863

wsj cryptocurrency slowly infiltrating political

Cryptocurrency continues to attract industry attention , While competing with each other, countries also secretly increase the extension and openness of the use of cryptocurrency ; Like El Salvador, countries that are careful to test the water are secretly ready to move , Cryptocurrency as a decentralized product , Start to slowly contact the only centralized national political system , And recently politicians 、 Other heads of state have used cryptocurrencies to improve national conditions 、 Get out of the crisis or hit your opponent at the same time , Cryptocurrency is also slowly infiltrating the political field , Like a vine with life and ideological direction , Growth spread . The most representative , Look at the surface of cryptocurrency 、 Internal disputes continue , In fact, it is like an arm in the chest in the world , The flying United States with fingers and arms , This is especially true .

In the U.S. , The cryptocurrency industry has taken its place on the revolving door in Washington , Hired dozens of former government officials and regulators , Because it tries to formulate policies to manage a largely unregulated market . People who work for or advise cryptocurrency companies or investment funds include three members of the securities and Exchange Commission (SEC) The former chairman 、 Three commodity futures trading commission (CFTC) The former chairman 、 Three former US senators , And at least one former White House chief of staff 、 Former Secretary of the Treasury and former chairman of the Federal Deposit Insurance Corporation . 

Supervise the organization Tech Transparency Project It's confirmed 200 Several federal agencies that have worked in the field of encryption 、 Former staff of the congressional office and the national political movement . They went to Coinbase 、 Circle and FTX Companies such as 、16z And other venture capital funds 、 Law firms representing cryptocurrency clients and cryptocurrency focused trading associations . This trend comes as regulators rush to set rules to protect investors in the cryptocurrency market and prevent illegal activities or financial instability . Wednesday , President Biden signed an executive order , Require federal agencies to conduct extensive scrutiny of cryptocurrencies .

“ In Washington , This emerging industry usually does not accumulate so much hard power and soft power ,” Progressive organization Revolving Door Project executive director Jeff Hauser say . He pointed out that , With the recruitment of former government officials , The lobbying and political spending of encryption companies soared .

Recruiters span a variety of roles , Including alumni from Republican and democratic governments . Industry representatives said , Former government officials can help companies comply with the law and understand regulatory expectations .SEC The former chairman Mary Jo White Now it is Debevoise & Plimpton LLP A lawyer for , She's working for cryptocurrency publishers Ripple Labs Inc. Defend , against SEC Law enforcement actions .White During the Obama administration, Ms. ran the securities and Exchange Commission .

Former finance minister Lawrence Summers For encryption investment company Digital Currency Group Inc. Offer advice , And assume Block Inc. Members of the board of directors of ., A financial technology company investing in cryptocurrency payment systems . meanwhile , Former acting Comptroller of currency Brian Brooks yes The currency Mining companies Bitfury Group CEO of , And served briefly as a U.S. subsidiary of a large global exchange Binance.US CEO of . 

A person familiar with several recruitment arrangements said , The total salary of former officials in the cryptocurrency industry can reach seven figures , The highest salary for regulators is about 25 Thousands of dollars . Former officials who go to cryptocurrency focused companies or investment funds can also negotiate potentially valuable long-term incentives , For example, stock options or a portion of profits called carried interest . 

Two recent events have driven recruitment , The first is 2020 After the general election , The industry recognizes that cryptocurrencies may not remain unregulated forever . Although the trump administration includes some outspoken cryptocurrency supporters , But most senior Biden administration officials are skeptical about the asset class . The second is a provision in last year's bipartisan infrastructure package , Require cryptocurrency brokers to submit tax forms to the IRS . The cryptocurrency industry said the provision was too broad , But failed to remove it from the bill .

“ This is to achieve ‘ Oh my god , We need these people ’ The watershed of ,” head-hunting company Heidrick & Struggles Partner in Washington Julian Ha say , He recruits on behalf of cryptocurrency companies .

The surge in the value of digital tokens last year provided the cryptocurrency industry with funds to compete for talent in Washington . according to CoinMarketCap The data of , Recently, the total value of cryptocurrency market is about 1.73 Trillions of dollars , Higher than two years ago 2000 Billion dollars .  The industry and its lobbying companies have long been recruiting former government officials to help formulate policies . The uniqueness of cryptocurrency is that the basic rules of the road are unwritten . Existing financial regulations , If applicable to the encryption market , It may add heavy costs to today's high profit companies . meanwhile , The industry is pushing for new rules that are more appropriate and easier to follow . 

“ A lot of times , We're all talking about how the industry spends all this money on political influence , They have reaped huge rewards from adjusting some small regulatory policies ,”OpenSecrets Our lobbyists Dan Auble say , The organization tracks the flow of money in politics .“ But this is indeed what the government will do in the next few years, which may achieve or destroy the industry .”

In Washington , The industry is in dispute with the securities and Exchange Commission , And lobby Congress to enact new laws , It is said that these laws will be more suitable for the way their technology works . In the eyes of some policymakers , The roster of experienced former regulators can increase the credibility of companies that often describe traditional finance as mediocre and elitist .

Former government law enforcement officers have become attractive employees of encryption companies that need regulatory or law enforcement review assistance .  Former New York SEC Litigation lawyer Dugan Bliss On 2021 year 5 Quit the agency in June , Join in BlockFi, This is a cryptocurrency company that allows users to earn money by lending bitcoin or similar tokens .BlockFi We agreed last month SEC And several states pay 1 Billion dollars , To settle the allegations that its interest bearing account violates the investor protection law . A spokesman for the company said ,Bliss Mr. did not participate in... When he served on the U.S. Securities and Exchange Commission BlockFi survey .

Bliss Sir was SEC A member of the lawyer team , The team is committed to working with cryptocurrency companies Ripple And his two most senior managers in court .SEC stay 2020 year 12 In the lawsuit in June, it was argued that ,Ripple Its currency is sold through XRP Raised nearly 14 Billion dollars , Violation of investor protection rules , And its co-founder and CEO made hundreds of millions of dollars in trading revenue .Ripple Retort that XRP For international payments , Not investments regulated by the agency .

White The lady represents Ripple against SEC. Her law enforcement officer Andrew Ceresney Also in the defense team . stay 4 In the court documents in January ,SEC claim ,White Ladies and Ceresney Mr. Obama's legal strategy involves making requests for evidence to “ Harass ”SEC, And both litigants know that they were SEC Worked , It doesn't matter . A federal magistrate is 1 In the said ,Ripple And its executives have access to some of the SEC's records , But the agency is allowed to keep most of the records confidential .

2019 Retired in CFTC presidential Christopher Giancarlo stay 2020 year 6 An article in August argued that ,XRP Should not be subjected to SEC Supervision of . His law firm once represented Ripple,Giancarlo Sir depends on Ripple Provide information to write this article . In an interview , He declined to say whether he knew when the article was published Ripple Under investigation by the securities and Exchange Commission .

Giancarlo Sir is CFTC Responsible for managing the institution when approving bitcoin futures contracts , He said the move would encrypt the currency “ Into a regulated field ”. From then on , He has been helping the company , Because he believes that the technology supporting cryptocurrency will change the way finance works , Make it better .“ So I came out ,” He said ,“ I suggest that the company how to maintain the correctness of the law , And how I believe the law will develop .”

original text :Paul Kiernan 、Dave Michaels、 Wall Street journal

《Crypto Aims to Boost Influence With Washington Hires》

版权声明:本文为[Blockchain headlines]所创,转载请带上原文链接,感谢。