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July 14, 2023
If we were to agree to the industry’s demand that policy experts should be precluded from regulating issues they have spent significant amounts of time developing expertise in, we would be setting a precedent that severely undermines any kind of public-minded enforcement. In fact, banning experts such as Gensler would leave the public with a pool of potential regulators who are either already corporate-aligned or unqualified to adequately opine on pressing issues.
July 07, 2023 | The American Prospect
Despite this, Janet Yellen’s Treasury Department has yet to formalize the regulations that would usher in this new reporting regime. The initial expectation was to have Treasury provide the new guidance by the end of 2022, allowing reporting changes to begin with transactions completed in 2023. However, despite approval of the proposed regulations by the Office of Information and Regulatory Affairs in February (the usual stumbling block in this sort of proceeding), the department has yet to publish the regulations.
June 21, 2023
Despite venture capitalists, investment pundits, and other crypto firms alike all acknowledging that the jig is up, regulatory revolvers remain undeterred in their willingness to lend their reputations, expertise, credibility, and relationships to keep the crypto con alive.
June 09, 2023
Hack Watch: End Crypto’s Presumption Of Legitimacy and Other Quick Hits
It’s Time That The Media Accept What Even Wall Street And Venture Capitalists Have – Crypto Is One Massive Grift. Those Involved With It Should Be Treated Accordingly.
May 30, 2023
Being A Board Member Is Hard, Just Ask Larry Summers
Former Secretary of the Treasury Larry Summers recently learned that making business decisions can be hard even if you’re an economist. Or, alternatively, Summers has again proven to be a real-life embodiment of an economic “rational individual;” willing to do whatever maximizes his personal interests, regardless of broader consequences. If true, this further demonstrates why the press needs to end their reliance on Summers for economic speculation – because his judgment is for sale.
May 10, 2023
The March 2023 collapse of Silicon Valley Bank (SVB) — aside from foregrounding the hypocrisy of neoliberal pundits and libertarian venture capitalists alike — spotlighted the instability of the cryptocurrency industry’s most ostensibly stable offering. Hidden within the uncertainty of SVB’s fate following a $42 billion withdrawal frenzy was a similar crisis of confidence for Circle Internet Financial and its stablecoin, USD Coin (USDC).
March 15, 2023
As of now, Barr is assigned to investigate supervisory failures that occurred under his watch featuring a bank that catered in particular to the crypto and fintech industries which Barr was so active in immediately prior to revolving back into government. Barr is a walking conflict of interest. His central role in the investigation is damning
March 09, 2023
Revolving Door Project Warns Of Crypto-Friendly Congressmen Ahead Of Subcommittee on Digital Assets, Financial Technology, and Inclusion Hearing
The Bipartisan Group That Once Defended Crypto Firms From SEC Investigations May Have Gone Silent In Recent Months, But Their Crypto Loyalties Remain.
January 18, 2023
The media must stop treating Summers as an impartial expert and recognize how he uses his status in the economic media to provide credibility to corporations.
January 11, 2023
Considering how much of the financial press eagerly solicits Summers’ take on every imaginable economics topic, it’s bizarre that no reporters have gotten his thoughts about his involvement in this crumbling company, and the asset class it promotes.
December 14, 2022 | Revolving Door Project Newsletter
Real Politicians Stay Bought by Fake Money Tycoons
Sam Bankman-Fried may have been arrested, but his influence campaign in DC is continuing unabated, with Members of the House and Senate looking to use FTX’s collapse to push for SBF’s hand-picked regulatory framework and undermine the work of SEC Chair Gary Gensler.
November 23, 2022 | The New Republic
The FTX disaster should be all the impetus needed to kill off any new crypto industry–approved legislation. Instead, we need Congress to provide material support for financial regulators in the form of increased appropriations to guard against the next collapse. Much of the crypto industry is already subject to laws—the very ones that the SEC seeks to enforce and that the crypto industry broadly (not just Sam Bankman-Fried) seeks to evade by reducing the SEC’s jurisdiction ex post facto. Both the CFTC and SEC urgently need funds to fulfill their mandates. Crypto stretches these needs even further, but the need has existed for years. For decades, financial crimes have too often gone unpunished. This wasn’t for a lack of rules, but a lack of will, funds, and people willing to enforce them. Crypto doesn’t need special treatment, it needs to face the music.
November 23, 2022 | Revolving Door Project Newsletter
A Few Things We Aren't Thankful For
Hello everyone, and welcome to a special holiday edition of the RDP Newsletter. Since we’re off for Thanksgiving tomorrow and Friday, this week’s edition will be a bit more off the cuff and includes some material that would normally be in our Hack Watch newsletter. So sit back, relax, and enjoy.