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.
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