Some of cryptocurrency’s most prominent rule-makers are increasingly taking executive gigs at industry upstarts. Call it the cryptocurrency revolving door.
Why it matters: A longtime phenomenon for other sectors is picking up pace in the crypto sphere — which is maturing, trying to find its mainstream footing and desperate for regulatory clarity.
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What's new now: These latest executives and advisers are those who helped shape important regulatory developments in the crypto landscape.
The latest: Brian Brooks is the new CEO of crypto exchange Binance.US., the company said last week.
Brooks was the last head of the Office of the Comptroller of the Currency, a bank regulator. Before that, he was the chief legal officer at Binance’s rival, Coinbase.
The OCC under his watch approved crypto firm Anchorage for a federal bank charter, an industry first.
What they’re saying: “[A]s I tried to show as head of the OCC, we need better clarity in this country to let people productively invest in this new and important technology. … One of the things I’m going to do at Binance.US is to help continue to shape that dialogue,” Brooks told CNBC.
Also last week: Bitcoin lender BlockFi added its newest board member Christopher "Crypto Dad" Giancarlo, former chair of the Commodity Futures Trading Commission.
Two stock exchanges started offering bitcoin futures trading for the first time when Giancarlo ran the CFTC.
The bottom line via Axios’ Kia Kokalitcheva: There’s a lag in regulatory clarity and legislation around cryptocurrency. Companies are leaning on insiders — the few who have worked on the government side of crypto — to cope.
What to watch: Congress last week passed legislation that’s an early step for regulatory clarity.
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