December 14, 2017 (The Ferowich Report) — Bittrex, a leading cryptoasset exchange, added former U.S. Department of Homeland Security Inspector General John Roth to its management team as legal uncertainty and security risks in the cryptospace loom large.
Roth has assumed the role of Chief Compliance & Ethics Officer at Bittrex, according to a company statement released Thursday. Roth spent 25 years at the Justice Department before leading DHS oversight for three years.
The Las Vegas-based limited liability corporation added Kiran Raj, former Deputy General Counsel at DHS and ex-partner at O’Melveny & Meyers as Chief Strategy Officer. The exchange also brough on Jim Washack as Chief Operating Officer to facilitate with Bittrex’s “rapid stage of growth.” Washack’s background includes 12 years at Amazon where he was Chief Information Security Officer.
Keeping up with growth became a problem for Bittrex Thursday. The world’s third largest exchange “turned off user registration” for a database upgrade to handle “a large spike in new user sign ups.”
Roth and Raj state that they left the government because “blockchain technology reminds us of the internet during it’s earlier years,” according to an article published in the Wall Street Journal.
“While the U.S. is well-positioned to be a leader in the industry, it is off to a bit of a slow start. Compared with three years ago, much of the innovation in blockchain has moved overseas, as other countries created regulatory sandboxes and other incentives to lure business away from the U.S. Many countries, including Russia and China, do not want the American system to prevail, particularly in an industry that could rival the internet in terms of wealth creation and transformative change,” the former U.S. officials wrote.
“Because of our experience as public servants, we know that driving innovation in the U.S. will require a smart approach that includes partnerships between the federal government and trusted industry players. And we plan to work with our former government colleagues to bridge the gap between the industry and policy makers.”
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