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| July 17, 2018

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Kylie Jenner on Track to Beat Billionaire Record

July 12, 2018 |

Kylie Jenner is known as a reality TV star and a model. But the Keeping Up With the Kardashians star is, at, 20, also an extremely successful businesswoman and is on course to become the youngest self-made billionaire ever, reports Forbes , which estimates her current fortune at $ 900 million. Most…
Newser

Cop Removed From Beat After Puerto Rico Shirt Incident

July 11, 2018 |

A park police officer in Chicago has been assigned to desk duty while officials investigate his response to a woman who said she was being harassed for wearing a shirt with the Puerto Rican flag, the AP reports. Mia Irizarry complained that a man at Caldwell Woods, where she was…
Newser

If You Can’t Beat Them, Join Them – Bitcoin Is Hiring Regulators

June 26, 2018 |

If You Can’t Beat Them, Join Them - Bitcoin Is Hiring Regulators

While everyone is looking for an indication that institutional money is about to flood into bitcoin and revive the market, we just got another conformation that crypto has indeed entered the big leagues. Companies in the industry are now putting former regulators on their payroll, as is common for Wall Street mega banks, government-supported telecom monopolies, competition-stifling tech giants and the like.

Also Read: Bitcoin in Brief: New Patents, Research Centers and a $ 300M Fund

Another Regulator Gets a Big Paycheck

If You Can’t Beat Them, Join Them - Bitcoin Is Hiring RegulatorsAlong the announcement of its new $ 300 million a16z crypto fund, Andreessen Horowitz also revealed it had hired Katie Haun as its newest general partner. While most tech publications hailed the move in the name of diversity and inclusivity, due to her gender, few took note that she is yet another in a string of government lawyers and regulators who joined 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), where she focused on fraud, cybercrime, and corporate compliance failures alongside agencies such as the SEC, FBI, and Treasury. She was the DOJ’s first-ever coordinator for digital assets, and led investigations into the Mt. Gox hack and the corrupt agents on the Silk Road task force. As her impressive resume proves, Haun is no doubt a very capable and highly intelligent woman. However, she is a law expert not a venture capital or investment expert, which could raise some questions about her new role.

Free and Fair Market?

If You Can’t Beat Them, Join Them - Bitcoin Is Hiring RegulatorsAs mentioned before, Haun is only the latest regulator to make the move into the crypto industry. In May 2018, Kraken hired Mary Beth Buchanan, the former US Attorney for the Western District of Pennsylvania. In December 2017 Bittrex hired Kiran Raj, a former Deputy General Counsel at the Department of Homeland Security (DHS), as chief strategy officer, as well as John Roth, a DHS Inspector General who spent twenty-five years at the DOJ, as chief compliance and ethics officer. In November 2017, the former New York Superintendent of Financial Services who pushed for the Bitlicense, Ben Lawsky, joined Ripple’s board of directors. And the list goes on and on as far back as in 2015, when Itbit hired former NY DFS General Counsel Daniel Alter as its general counsel and chief compliance officer.

All of this is, of course, not illegal and serves both parties. The crypto companies get people on board that can help them navigate the complex legal system, and the former regulators get to leverage their government experience in the much more lucrative private sector. The main downside is that this practice can potentially hurt end users as it hampers competition by erecting steep barriers for entry. Just imagine you want to open a new US crypto exchange. You might fear that, unless you have the financial resources and right connections to hire a former top government lawyer, you will have a severe disadvantage compared with the established players, and ultimately cancel the plan as a result. Hopefully, at some point some honest lawmakers will notice what is happening and conclude that the regulatory maze is too cumbersome for the good of the market. Until that happens, bitcoin companies will keep hiring people that mix in the right circles and know who to give a call when needed.

Are these developments good for the long term health of the bitcoin ecosystem? Share your thoughts in the comments section below. 


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post If You Can’t Beat Them, Join Them – Bitcoin Is Hiring Regulators appeared first on Bitcoin News.

Bitcoin News

Lawmaker Who Beat Mark Sanford Is Badly Injured

June 23, 2018 |

A South Carolina lawmaker who defeated US Rep. Mark Sanford in his re-election bid has been seriously injured in a car wreck and will require weeks of recovery and more procedures, according to her spokesman, the AP reports. State Rep. Katie Arrington has undergone surgery for her injuries and was…
Newser

Send in the goats: Portugal goes low-tech to beat wildfires

June 13, 2018 |

With the hot dry summer fast approaching, Portugal is sending in the goats.
FOX News

TMZ

Tyron Woodley Rips YouTube’s Vitaly, Lucky I Didn’t Beat Your Ass!

May 18, 2018 |

Tyron Woodley came thiiiiiiis close to beating the dog snot out of YouTube star Vitaly when a stupid prank crossed the line … and Tyron’s still fuming about it. FYI, Vitaly is famous for screwing with big stars like Kim Kardashian — but…

TMZ.com

China-U.S. Trade Gap Widens as Firms Run to Beat Looming Trump Tariffs

May 10, 2018 |

Chinese exports rebounded in April, as companies rushed to make shipments ahead of expected tariffs brought on by trade tensions with the U.S.
WSJ.com: What’s News Asia

TMZ

Charles Barkley Would Beat Draymond’s Ass, Says UFC Fighter

May 2, 2018 |

If Charles Barkley and Draymond Green actually do come to blows … DRAYMOND WOULD GET ROCKED — so says UFC fighter Kelvin Gastelum!! You know the backstory … Charles said he wants to punch Draymond in the face. Draymond told Charles to bring it…

TMZ.com

Amazon’s earnings and forecast beat expectations, and its stock jumps 6% in extended trading

April 27, 2018 |

Amazon.com Inc. forecast second-quarter profit that topped analysts’ forecasts, buoyed by swelling ranks of Prime subscribers and a profitable cloud-computing division that’s winning more corporate customers.

The world’s largest online retailer projected operating income in the current quarter…


L.A. Times – Business

TMZ

UFC’s Brad Tavares Says Michael Bisping Is Scared He’ll Beat His Ass

April 21, 2018 |

UFC fighter Brad Tavares is doubling down on his weekend call-out of Michael Bisping … telling TMZ Sports the ex-champ is ducking him ’cause he’s terrified of getting THRASHED. “I think he’s scared … scared to get his…

TMZ.com