Crypto Head defines revolvers as “government regulators, legislative staff, or members of Congress who take work in lobbying firms, making the most of their insider knowledge.” The Tech Transparency Project (TTP) published a study titled “Crypto Industry Amasses Washington Insiders as Lobbying Blitz Intensifies” in February, which tells us more about the subject.
According to the TTP study, there have been nearly 240 officials with key positions in the White House, Congress, federal regulatory agencies, and national political campaigns moving to and from the CFTC which includes two former chairs of the Securities and Exchange Commission (SEC), two former chairs of the Commodity Futures Trading Commission (CFTC), and one former chairman of the Senate Finance Committee.
While revolvers are common in multiple businesses, including lobbying, TTP perceived a possible conflict of interest in the transition from industry to government. Five former top executives at Circle Internet Financial, and the company behind the stablecoin USD Coin (USDC), have joined the Federal Reserve Bank of Boston. The Boston Fed is a participant in Project Hamilton’s digital dollar research.