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The previous director of the Shopper Monetary Safety Bureau has joined Solidus Labs, a New York-based cryptocurrency market surveillance agency, as vice chairman of regulatory affairs.
Kathy Kraninger began at Solidus labs this month, in accordance with her LinkedIn profile. She informed Reuters in an interview that she will likely be constructing Solidus Labs’ regulatory group as the marketplace for cryptocurrencies comes beneath elevated scrutiny in Washington.
The transfer continues a development of fintechs hiring former regulators to clean their manner by way of compliance hurdles. Brian Brooks, the previous performing head of the Workplace of the Comptroller of the Foreign money, in Could turned CEO at Binance, one of many world’s greatest Bitcoin exchanges.
Solius Labs CEO Asaf Meir, a former Goldman Sachs affiliate and equities engineer, has said that unhealthy actors have manipulated the cryptocurrency market in ways in which monetary regulators haven’t seen earlier than.
Treasury Secretary Janet Yellen urged regulators this week to “act rapidly” to deal with the dangers related to stablecoins, in accordance with an announcement from the Treasury Division.
Additionally this week, Sen. Elizabeth Warren, D-Mass., the architect of the CFPB, stated the bureau must be on the desk as regulators take a more in-depth take a look at cryptocurrency.
“We’re seeing an basically unregulated market develop by the day, and monetary scams are rising with it,” Warren said Monday on a name celebrating the company’s tenth anniversary. “Crypto is an space that I feel all of our monetary regulators are going to want to work collectively to deal with, and which means the CFPB wants a seat on the desk in these discussions on these points.”
There may be nonetheless lots of regulatory uncertainty round crypto. Relying on the digital asset, cryptocurrencies at present are regulated by the Commodity Futures Buying and selling Fee, the Securities and Change Fee or the OCC.
Kraninger, a Trump appointee, led the CFPB for simply over two years, resigning on Inauguration Day on the request of the Biden administration.
She had been a profession civil servant working primarily as an expert workers member for Home and Senate committees earlier than changing into an official on the Workplace of Administration and Funds the place she labored beneath former performing CFPB Director Mick Mulvaney.
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