THELOGICALINDIAN - While anybody is attractive for an adumbration that institutional money is about to flood into bitcoin and animate the bazaar we aloof got addition anatomy that crypto has absolutely entered the big leagues Companies in the industry are now putting above regulators on their amount as is accepted for Wall Street mega banks governmentsupported telecom monopolies competitionstifling tech giants and the like
Also Read: Bitcoin in Brief: New Patents, Research Centers and a $300M Fund
Another Regulator Gets a Big Paycheck
Along the advertisement of its new $300 actor a16z crypto fund, Andreessen Horowitz additionally appear it had assassin Katie Haun as its newest accepted partner. While best tech publications hailed the move in the name of assortment and inclusivity, due to her gender, few took agenda that she is yet addition in a cord of government attorneys and regulators who abutting the ranks of cryptocurrency companies recently.
According to her bio at Stanford, Haun spent over a decade as a federal prosecutor with the U.S. Department of Justice (DOJ), area she focused on fraud, cybercrime, and accumulated acquiescence failures alongside agencies such as the SEC, FBI, and Treasury. She was the DOJ’s first-ever coordinator for agenda assets, and led investigations into the Mt. Gox drudge and the base agents on the Silk Road assignment force. As her absorbing resume proves, Haun is no agnosticism a actual able and awful able woman. However, she is a law able not a adventure basic or advance expert, which could accession some questions about her new role.
Free and Fair Market?
As mentioned before, Haun is alone the latest regulator to accomplish the move into the crypto industry. In May 2018, Kraken assassin Mary Beth Buchanan, the above US Attorney for the Western District of Pennsylvania. In December 2017 Bittrex assassin Kiran Raj, a above Deputy Accepted Admonition at the Department of Homeland Security (DHS), as arch action officer, as able-bodied as John Roth, a DHS Inspector Accepted who spent twenty-five years at the DOJ, as arch acquiescence and belief officer. In November 2017, the above New York Superintendent of Financial Services who pushed for the Bitlicense, Ben Lawsky, abutting Ripple’s lath of directors. And the account goes on and on as far aback as in 2015, back Itbit assassin above NY DFS Accepted Admonition Daniel Alter as its accepted admonition and arch acquiescence officer.
All of this is, of course, not actionable and serves both parties. The crypto companies get bodies on lath that can advice them cross the circuitous acknowledged system, and the above regulators get to advantage their government acquaintance in the abundant added advantageous clandestine sector. The capital downside is that this convenance can potentially aching end users as it hampers antagonism by architecture abrupt barriers for entry. Just brainstorm you appetite to accessible a new US crypto exchange. You ability abhorrence that, unless you accept the banking assets and appropriate access to appoint a above top government lawyer, you will accept a astringent disadvantage compared with the accustomed players, and ultimately abolish the plan as a result. Hopefully, at some point some honest assembly will apprehension what is accident and achieve that the authoritative bewilderment is too bulky for the acceptable of the market. Until that happens, bitcoin companies will accumulate hiring bodies that mix in the appropriate circles and apperceive who to accord a alarm back needed.
Are these developments acceptable for the continued appellation bloom of the bitcoin ecosystem? Share your thoughts in the comments area below.
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