Coders are OUT! Cyber enforcers are IN! Digital currencies and crypto ventures are in the hiring mode and in isn’t in the tech area. Nope, former regulators, security officials and even diplomats are finding the job market really HOT in the crypto space. Interesting note, seems prosecutors are in favor. BUT not defense attorneys (of course all the defense attorneys may be busy with all the early crypto startups being “looked at”). Gosh, so many things to address like illicit dealings, global and local jurisdictions, fraud, lobbying, etc. Remember the same thing happened in the peer-to-peer and online lending field, too. So, if you are a good former government “expert” with experience in……oh say, regulation……..call your local crypto firm ASAP. Big bucks (or bitcoins) await.
(Bill Taylor/Managing Editor)
- “Recent appointments of notable regulators are just the start
- Ventures also have recruited prosecutors and other authorities
Veteran Wall Street enforcers are landing new roles on a wild frontier: virtual currencies.
A growing number of crypto startups are adding former regulators and other government authorities to their payrolls, a practice that could help them head off or prepare for stricter rules. Ventures have snapped up ex-prosecutors, national security officials and at least one former senior diplomat — all of whom may prove handy as nations decide whether to embrace or outlaw digital money.
The drumbeat of hires crescendoed in November when Ripple, a venture looking to rewire global banking with its own cryptocurrency, added Ben Lawsky to its board. He earned a tough reputation as New York’s top financial watchdog by pushing banks to scrutinize client transactions for illicit dealings. In January, crypto brokerage Omega One enlisted a new adviser, Bart Chilton, a former member of the Commodity Futures Trading Commission. The agency oversees digital currencies.
“The fact that he’s willing to take an advisory role with us is a sign that we pass a certain level of due diligence,” Omega One’s chief executive officer, Alex Gordon-Brander, said of Chilton.
The hiring spree breaks with the crypto world’s dominance by millennials — many with no background in traditional banking. Yet it follows a well-worn path for financial innovators, such as online lenders, that set out to disrupt the industry and then ended up recruiting experts to guide them through its many regulatory pitfalls.
Crypto firms are likely to keep hiring regulatory experts to legitimize themselves, said Dave Weisberger, CEO of CoinRoutes, a cryptocurrency data and order routing company. Still, potential investors shouldn’t assume it makes firms a safe bet, he said…”