Some big crypto firms are trying to pre-empt tougher rules by making proposals of their own
In September Mr Quintenz joined Andreessen Horowitz, a venture-capital firm and an investor in crypto startups, as an adviser. He is only one of many former American officials to have flocked to the cryptoverse. Others include Jay Clayton, the previous head of the Securities and Exchange Commission ; Brian Brooks, who until January was the acting Comptroller of the Currency; and Chris Giancarlo, head of thebetween 2017 and 2019.
Reams of regulations are potentially in play. One set involves stopping crypto assets from being used to launder money. In October the Financial Action Task Force, an intergovernmental body which sets global standards, recommended new rules for crypto-services providers, including those regarding the user data they must collect. Countries are implementing these, but at varying speeds. A second area, overseen by lawmakers, concerns the taxation of crypto investments.
One prong of it has been to lure government officials and compliance experts from banks with big pay packets. Deepali Vyas of Korn Ferry, a headhunting firm, says senior risk managers are typically promised a salary of $600,000-2m; former high-ranking regulators are also locked in with share options worth tens of millions of dollars, which vest over many years. The ex-head of an American regulator, now at a crypto group, says he spends a lot of time meeting lawmakers and civil servants.
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