Financial technology companies are snapping up former government officials as they seek to navigate the still-developing patchwork of regulations governing cryptocurrency and other financial technology. A handful of recent high-profile hires could signal a stronger role being played by the private sector in the evolution of those rules. Those officials, including the former undersecretary who spearheaded new fintech rules at Treasury, are guiding product development as the government drafts overarching rules for a sector that promises to refashion global finance and commerce. Through the hires, the fintech businesses also gain valuable insight into government thinking, a competitive edge with new regulations in the pipeline. Some groups worry, however, about the private sector getting too close to regulators who are responsible for reigning in corporate interests in an evolving sector such as cryptocurrency.

Source: Wall Street Journal June 08, 2020 09:33 UTC