Search Results for

Clear All Filters

November 14, 2022 | The Nation

Timi Iwayemi

Op-Ed

Campaign FinanceClimatecryptocurrencyFinancial Regulation

Money From Nothing: Sam Bankman-Fried’s Crypto Shakedown

The rapid meltdown of FTX stands as one of the most gruesome chapters in the annals of investment fiascos: think of the false technological promises of Elizabeth Holmes’s Theranos grift combined with the evaporation of Bernie Madoff’s prestigious Ponzi fund. But the saga of FTX involves much more than either the vanity and hubris of Holmes’s fraud offensive or the deceptive practices of the Madoff scam. The rapid rise and fall of Bankman-Fried points up the delusional character of information-age capitalism; Far from standing as an outlying trend within the crypto investment world, Bankman-Fried’s scam was nestled at the very heart of its prevailing business model.

October 14, 2022

Hannah Story Brown Timi Iwayemi Fatou Ndiaye

Blog Post

Executive BranchGovernment CapacityIndependent Agencies

Omnibus Awareness Month in Review

If Congress regularly met its own deadlines, then October—the first month of the fiscal year—would also be the first month when federal agencies could implement their new and improved budgets. Unfortunately, the modern Congress regularly fails to pass an omnibus spending package for the next fiscal year, which bundles several appropriations bills for different parts of the federal government into one whole-of-government budget, by the end of the previous fiscal year. This autumn is no different.

September 30, 2022

Timi Iwayemi

Newsletter

cryptocurrencyFinancial RegulationHack WatchIndependent Agencies

Politico Rolls Out The Red Carpet For Ripple And Securities Fraud

Boosters of Ponzi products should not be granted the freedom to tout their products without ample pushback and skepticism. Because, as is all too common in Washington, when this media cover is combined with other forms of political pressure including lobbying and campaign donations, industry interests take precedence over the public’s. Politico knows where to find skeptical voices; they had Healthy Markets President and CEO Ty Gellasch on the panel that followed Alderoty’s remarks, albeit alongside three other preachers of crypto’s so-called greatness.

September 02, 2022 | The American Prospect

Timi Iwayemi Alex Moss

Op-Ed

Department of CommerceEthics in GovernmentIntellectual PropertyPatent and Trademark OfficeRevolving Door

Trump’s Patent Director Pressured Judges to Rule in His Law Firm’s Favor

There are numerous ways for the Biden administration to implement these safeguards. One option would be to issue a broad executive order that sets a path to restore public trust in the Patent Office. This order would require that the USPTO create a publicly available record of intervention in appeal proceedings by staff other than APJs, and outline new ethics practices that would ensure key USPTO staff recuse themselves from matters involving prior clients or former employers, and refrain from representing clients or working for companies whose cases they decide for at least three years.

August 04, 2022 | The American Prospect

Timi Iwayemi

Op-Ed

Congressional OversightcryptocurrencyFinancial Regulation

Proposed Stablecoin Legislation Is Worse Than Nothing

Better still, the government could consider more aggressive action. Application of existing law would bring some stability to the stablecoin space, but there is one more simple and effective option: banning them outright. Stablecoins are an essential component of a deeply fraudulent industry that is financially and environmentally destructive. Guaranteeing their existence is an unnecessary risk.

July 26, 2022

Timi Iwayemi

Letter

CoronavirusIntellectual PropertyPharma

Activists to Biden: Share Walter Reed Army Vaccine With the World

If the Walter Reed vaccine proves effective against Covid-19 and its variants in further tests, it will be a vaccine wholly created by a public institution through use of public funds. Every aspect of the vaccine production process should be widely and freely shared to ensure globally distributed manufacturing. Widespread, equitable availability of effective vaccines at truly affordable prices would go a long way in achieving your stated goal of vaccinating the world.

July 26, 2022

Timi Iwayemi

Press Release

CoronavirusIntellectual PropertyPharma

Advocates to President Biden: Don’t Give Away New Publicly-Owned Coronavirus Vaccine Technology to Corporations

In advance of the White House Summit on the Future of COVID-19 Vaccines today, 29 groups including Public Citizen, Demand Progress and Revolving Door Project, a project of the Center for Economic and Policy Research, sent a letter to President Joe Biden urging him to ensure that pan coronavirus vaccine technology currently under development by the U.S. military remain public, and shared with the world.

June 08, 2022

Timi Iwayemi

Press Release

cryptocurrencyFinancial RegulationFintechIndependent Agencies

RELEASE: Lummis-Gillibrand Crypto Bill Is An Irresponsible Handout To The Crypto Industry

“The industry carve outs in this bill are a reminder of the danger of corporate influence in our political system. The crypto industry’s leading figures have spent enormous amounts to shield the industry from proper financial oversight. This money has been funneled towards revolving-door hiring of former CFTC officials, formation of super PACs, and congressional campaign donations. The industry has also bemoaned the SEC’s robust regulatory posture, decrying it with the self-defeating ostensible insult of ‘regulation by enforcement.’ That supposed criticism merely underlines the urgent need for the SEC to act. Existing law is clear, and it mandates that the SEC enforce existing statutory and regulatory limits that crypto bros have brazenly broken on the assumption that they will be able to buy clemency before they are sanctioned appropriately.”

June 06, 2022 | The American Prospect

Timi Iwayemi

Op-Ed

cryptocurrencyEthics in GovernmentFinancial RegulationFintech

Sam Bankman-Fried’s Multimillion-Dollar Game

A leading voice in this push is Sam Bankman-Fried, 30-year-old CEO of crypto trading exchange FTX. Christened by some as a crypto prince and others as Washington’s aspiring kingmaker, Bankman-Fried has in the past year developed an extensive crypto policy agenda that entails revolving-door hiring of former CFTC officials, formation of super PACs, and congressional campaign donations.

April 14, 2022

Eleanor Eagan Timi Iwayemi

Blog Post

cryptocurrencyEthics in GovernmentFederal ReserveFinancial RegulationFintechRevolving Door

Michael Barr is the Wrong Man to Stop the Next Financial Crisis

Over a decade after the financial crisis, few would still dispute that the revolving door between financial regulators and the financial industry helped pave the way for economic disaster. In the years preceding the crash, regulators who came from the country’s largest banks and planned to promptly return to them, removed regulatory restraints and turned a blind eye to the predictably dangerous effects (see, e.g. Robert Rubin and Alan Greenspan). In the next administration, different regulators drawn from the same well let the fraudsters off the hook and left the working people who had fallen victim to them out to dry.  

April 12, 2022 | The American Prospect

Timi Iwayemi Eleanor Eagan

Op-Ed

cryptocurrencyEthics in GovernmentFinancial RegulationRevolving Door

Biden Must Block Crypto’s Access to the Revolving Door

Fortunately, Biden has the means to stop at least one aspect of crypto’s campaign in its tracks. Through an executive order, he can cut off crypto’s access to the revolving door by barring the officials who are involved in developing regulations for the digital assets industry from working for it for at least four years. By rights, it should be a bare-minimum anti-corruption standard.