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According to News.bitcoin, five U.S. lawmakers have sent a letter to seven financial regulators inquiring about measures they are taking to prevent the revolving door between their agencies and the crypto industry. The letters were sent to Securities Exchange Commission (SEC) Chair Gary Gensler, Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam, Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell, Federal Deposit Insurance Corporation (FDIC) Acting Chair Martin Gruenberg, Office of the Comptroller of the Currency (OCC)’s Acting Comptroller of the Currency Michael J. Hsu, and Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra. The lawmakers wrote: “The crypto sector has rapidly escalated its lobbying efforts in recent months, spending millions in an attempt to secure favorable regulatory outcomes as Congress and federal agencies work to craft and enforce rules to regulate this multi-trillion dollar industry.” They explained: “As part of this influence campaign, crypto firms have hired hundreds of ex-government officials … and we are concerned that the crypto revolving door risks corrupting the policymaking process and undermining the public’s trust in our financial regulators.”

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【US lawmakers probe SEC, Treasury, Federal Reserve over revolving door with crypto industry】According to News.bitcoin, five U.S. lawmakers have sent a letter to seven financial regulators inquiring about measures they are taking to prevent the revolving door between their agencies and the crypto industry. The letters were sent to Securities Exchange Commission (SEC) Chair Gary Gensler, Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam, Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell, Federal Deposit Insurance Corporation (FDIC) Acting Chair Martin Gruenberg, Office of the Comptroller of the Currency (OCC)’s Acting Comptroller of the Currency Michael J. Hsu, and Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra. The lawmakers wrote: “The crypto sector has rapidly escalated its lobbying efforts in recent months, spending millions in an attempt to secure favorable regulatory outcomes as Congress and federal agencies work to craft and enforce rules to regulate this multi-trillion dollar industry.” They explained: “As part of this influence campaign, crypto firms have hired hundreds of ex-government officials … and we are concerned that the crypto revolving door risks corrupting the policymaking process and undermining the public’s trust in our financial regulators.”

US lawmakers probe SEC, Treasury, Federal Reserve over revolving door with crypto industry

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