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Source: Adobe / DZiegler
A South Korean politician has delved into the debate over the anonymous senior financial regulator who wants to quit his job to join Upbit , the leading crypto exchange in the national market. Rather, these issues don’t seem to have gotten in the way of crypto companies in the United States.
The regulator, a deputy director of the Financial Supervision Service (FSS), has already submitted its resignation to the regulatory body. But, as previously reported, FSS protocols dictate that the regulator’s ethics committee can weigh in on future employment opportunities for its former employees, in cases where there may be a conflict of interest.
In a blog post, Jeon Young-gi, an MP for the ruling Democratic Party and a member of the transportation committee of the National Assembly He wrote that he “opposed” the measure, claiming that it was evidence that “senior officials” are “discarding the ethics of public office” for “the sake of greater personal gain.”
The ethics committee will also have independent input from other government agencies.
Jeon urged the body to rule that the move was “inappropriate” and called for “common sense standards” to be respected.
He added that the move ran the risk of “blunting the edge” of the regulatory sword, warning that “strong connections” between financial institutions and crypto exchanges and regulatory agencies would ultimately damage the fabric of South Korean society. The MP opined:
“The damage done will eventually revert to [atormentar] to consumers and citizens “.
The committee has not indicated when it will seek to give its answer, but if recent history is of any use, the FSS executive may have an uphill struggle on its hands. Recently, a Ministry of Justice official who tried to make a move similar to a crypto exchange, he was left without a job after handing over his resignation to the department, only to be pressured to resign his application before the ethics panel could meet on the matter.
Meanwhile, in the United States, several former senior regulators have taken positions on trading platforms. In his ongoing fight with the XRP issuing firm , Ripple , the Securities and Exchange Regulatory Commission (SEC) has questioned this week that the firm placed Christopher Giancarlo, former president of the Commodity Futures Trading Commission (CFTC), on your payroll. “
Meanwhile, the former acting comptroller of the Office of the Comptroller of Currency (OCC) Brian Books, the man who started bestowing bank permits to US crypto banks, now direct operations Binance.US from Binance.US of the cryptocurrency exchange.
Earlier this month, Coinbase announced that former White House Deputy National Security Adviser Faryar Shirzad had joined the exchange as its new Director of Policy.
Additionally, One River Asset Management, a $ 2.5 billion firm whose crypto funds are backed by hedge fund titan Alan Howard, hired former SEC Chairman Jay Clayton as an advisor.
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Learn more:
– The South Korean government continues to reduce anti-crypto rhetoric
– ‘Crypto Crisis Summit’ in South Korea, as no ministry wants to take over
– Hope for South Korean crypto exchanges as bank is interested in contract renewal
– Naver, Kakao, LG ‘will bid to participate’ in South Korea CBDC pilot
