Elizabeth Warren, Alexandria Ocasio-Cortez Target Crypto’s Revolving Door

Massachusetts Senator Elizabeth Warren and New York Representative Alexandria Ocasio-Cortez have asked regulators to clarify their rules around ex-employees seeking jobs in the crypto industry.

The letterspublished by the news website Punch bowlwas sent to the heads of seven agencies, including the two main regulators in charge of crypto, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

The lawmakers asked how long individuals are barred from taking a role in an industry they interacted with while working in their regulatory positions, as well as what other safeguards are in place to protect against conflicts of interest.

They say the crypto sector has “rapidly escalated lobbying in recent months,” citing reports compiled by the advocacy group Public citizen and watchdog group Tech Transparency Project.

“As part of this advocacy campaign, crypto firms have hired hundreds of former public officials,” said the letter, which was also signed by Sen. Sheldon Whitehouse (D-Rhode Island) as well as Rep. Jesús G. “Chuy” García (D-Illinois) and Rashida Tlaib (D-Michigan).

“We have long been aware of the revolving door in other sectors of the economy – from Big Tech, to the defense industry, to other parts of the financial sector – and we are concerned that the crypto revolving door risks destroying policymaking and undermining public confidence in our financial regulators.”

Senator Warren has been an outspoken critic of the crypto industry. Earlier this month, she led another group of lawmakers in a request for information about the energy use of Bitcoin mining in the state of Texas.

Ocasio-Cortez, meanwhile, said she doesn’t think members of Congress should hold or trade crypto — or other financial assets — to avoid conflicts of interest.

The upcoming midterms have also given crypto leaders an opportunity to get involved in campaigns.

Coin base even recently added a feature to allow users to check which politicians are “crypto-friendly” ahead of the vote.

But the industry has also faced opposition from both politicians and others in the technology sector. In June, 26 technology experts signed a letter urges lawmakers to take a skeptical approach to crypto advocates’ claims.