FOR IMMEDIATE RELEASE:
Contact: Timi Iwayemi, iwayemi@therevolvingdoorproject.org
In response to Coinbase’s announcement of its new global advisory council, Revolving Door Project Research Director Timi Iwayemi issued the following statement:
“Coinbase’s establishment of a new advisory council comprising former members of Congress is the latest example of the crypto industry’s embrace of Washington’s revolving door.”
“It follows the FTX-playbook of hiring former government officials to shape policy proposals in the industry’s favor. It’s a real disappointment to see that these former officials failed to learn the appropriate lessons from the FTX collapse and remain comfortable with lending their names, credibility and relationships to an industry rife with fraud and scams.”
“The timing of the move is as unsurprising as it is appalling. In tapping Pat Toomey, Sean Patrick Maloney, and Tim Ryan — all former legislators who boosted industry talking points while in office — Coinbase is clearly hoping to utilize the revolving door as a means of avoiding accountability and increased regulatory scrutiny. FTX failed its customers, but it succeeded in tricking a large swathe of policymaking elites by hiring former policymakers. Customers paid dearly for the FTX chicanery that their revolving door hires enabled them to pull off.”
“Government officials should remain focused on ensuring the fair application of long-standing laws and cracking down on firms that willingly violate established laws, a common theme in crypto. We also need stricter laws with better enforcement against the revolving door in order to ensure that policymakers focus on protecting the interests of their constituents, rather than securing potential post-government payouts.”
PHOTO: “Pat Toomey speaking at CPAC 2014 in Washington, DC.” (Gage Skidmore, 3/7/14)
