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- Kathy Kraninger is the latest senior Trump administration official to join the burgeoning digital currency sector, which is bolstering its legal skills and Washington ties in the face of increased regulatory scrutiny
- the Consumer Financial Protection Bureau from 2018 to 2021, qualifies her to contribute to a burgeoning discussion in Washington about how to regulate cryptocurrencies
- Asaf Meir, CEO of Solidus Labs, said that they have gotten tremendous interest from regulatory organizations throughout the world. They needed someone with the appropriate experience
She told Reuters that cryptocurrency company Solidus Labs has hired the former director of the Consumer Financial Protection Bureau (CFPB) as its senior regulatory officer. Kathy Kraninger is the latest senior Trump administration official to join the burgeoning digital currency sector, which is bolstering its legal skills and Washington ties in the face of increased regulatory scrutiny.
Solidus Labs, located in New York, was founded in 2017 by former Goldman Sachs employees to provide cryptocurrency trading surveillance and risk management solutions. Private equity companies Evolution Equity Partners and Hanaco Ventures are among their supporters.
Kraninger will head and expand Solidus Labs’ regulatory team, spending the majority of her time explaining how digital markets can be effectively policed to regulators, US politicians, and conventional institutions, she said in an interview. Her government experience, which includes helping to establish the Department of Homeland Security and overseeing the Consumer Financial Protection Bureau from 2018 to 2021, qualifies her to contribute to a burgeoning discussion in Washington about how to regulate cryptocurrencies, she said. She added that bringing her knowledge from how federal regulators think, how state regulators think, just felt like a wonderful fit.
Solidus Labs has developed tools to monitor cryptocurrency markets and assist investment companies and other clients in detecting manipulation, rogue actors, and complying with regulatory requirements. Bittrex, a cryptocurrency exchange, and Rialto Markets are among its clientele. As the growing market, which hit a record $2 trillion value in April, has witnessed extreme volatility, authorities’ capacity to supervise cryptocurrencies has become a key concern. The Securities and Exchange Commission (SEC) again postponed the approval of a bitcoin exchange-traded fund in June, citing concerns about market manipulation.
Senator Elizabeth Warren has advocated for more cryptocurrency monitoring, while Treasury Secretary Janet Yellen has urged authorities that stablecoins, or digital coins tied to fiat currencies, must be regulated soon. Regulators are concerned that the cryptocurrency market is insecure, opaque, and potentially dangerous to the financial system. Asaf Meir, CEO of Solidus Labs, said that they have gotten tremendous interest from regulatory organizations throughout the world. They needed someone with the appropriate experience.
Former Trump regulators have been snapped up by crypto and fintech businesses. Former bank regulator Brian Brooks was named Binance’s US CEO in May, while Chris Giancarlo, the former head of the US derivatives regulator, is a Solidus investor and the founder of the Digital Dollar Project, which pushes for the development of a digital dollar by US authorities.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
