The comings (and goings) of former US regulators in crypto firms may be the surest sign that digital asset regulation, particularly that of assets subject to characterization as securities, remains an area of US law in flux.
High profile hires look to instill confidence in nascent digital asset securities business lines, but several short-lived tenures suggest that the press by Chairman Gensler for a larger regulatory role with respect to these assets by the US Securities and Exchange Commission is (a) potentially chilling some initiatives and (b) not necessarily susceptible to the type of influence campaign that has historically been conducted by former regulators.
As long as HR press releases announcing high-profile departures keep coming, digital asset market participants will need to stay primed for uncertainty with respect to the the state of US regulation.
Former regulators at the heart of mainstream US financial markets over the past decade are wrestling with new roles in the fast-changing cryptocurrency industry, with some key appointments lasting just months in the job.
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