Trump’s Former Sanctions Chief Joins Major Crypto Firm Chainalysis

Published at: July 7, 2020

A former key executive at the United States Department of the Treasury has joined a major cryptocurrency investigation firm, Chainalysis.

Sigal Mandelker, a former Treasury Under Secretary for terrorism and financial intelligence, has reportedly joined Chainalysis’ board of advisors. As officially announced on July 7, the new position on the startup’s board comes alongside Mandelker’s participation in a Chainalysis’ extended $49 million Series B funding round.

Mandelker to share blockchain investigation experience with Chainalysis

As reported by Forbes, the new position on the board marks Mandelker’s first public work since she left Trump’s White House for the private sector in October 2019. At the startup, the former Treasury exec will meet with the Chainalysis team to share insights on investigating crypto crimes as well as help them build new partnerships in both the public and private sectors.

Chainalysis is a major crypto analytics firm and a primary source of crypto transaction data for federal agencies like the Internal Revenue Service and the FBI. Addressing the company’s broad cooperation scope, Mandelker highlighted that further development will be crucial for the future of the industry. She said:

“The fact that they're building relationships, terrific relationships, both with financial institutions and with the government sector, including with law enforcement, is going to be really important for the future of this industry.”

Mandelker is known for her 2019 crypto investigations involving three hacker groups that helped the North Korean government launder billions of dollars in cryptocurrency funds. According to official records, the former Treasury exec also played a role in convicting an illicit digital currency platform known as “E-Gold” back in 2008.

Michael Gronager, co-founder and CEO at Chainalysis, told Cointelegraph that Mandelker’s entrance to Chainalysis will contribute to further adoption of the crypto industry. He said:

“We believe that by getting regulators and law enforcement comfortable with cryptocurrency, financial institutions will more meaningfully invest in the space and cryptocurrency businesses will grow. Sigal brings a wealth of knowledge from her time at the Treasury Department to help us propel this flywheel of growth for the industry."

Chainalysis expands Series B to $49M after raising $36M in 2019

The news comes alongside Chainalysis expanding its Series B to $49 million after raising $36M in February 2019 from companies including venture capital giant Accel. The fresh $13M investment featured participation from venture capital firm Ribbit Capital, which invested in major crypto startups like Coinbase and Robinhood. Mandelker reportedly joined Ribbit Capital as general partner earlier in 2020.

The new additional fundraising also included investment from Sound Ventures, a venture capital firm founded by actor Ashton Kutcher and Guy Oseary. In May 2020, Kutcher and Oseary also invested in major Bitcoin (BTC) rewards company Lolli.

Tags
Bitcoin
Regulation
United States
Cryptocurrencies
Government
Investments
Aml
Donald Trump
Terrorism
Related Posts
Is there a right way to regulate crypto? Yes, and this is how
Cryptocurrency is becoming increasingly mainstream. Between the entrance en masse of traditional financial institutions — from investment funds, to banks, to insurance companies — to the multitrillion-dollar market capitalization, crypto is truly unignorable. As such, it is also increasingly on the radar of regulators around the world, particularly in the United States. How can this industry balance stability and investor protection on the one hand with the promotion and support of innovation on the other? There are three paths to regulating crypto. The first is to not regulate it as much, but given the incredible growth and increasing overlap with …
Technology / June 12, 2021
SEC delays decision on Valkyrie Bitcoin ETF
The United States Securities and Exchange Commission has postponed its decision on whether to approve a Bitcoin (BTC) exchange-traded fund. The SEC has delayed its decision on a Bitcoin ETF filing by Texas-based family investment fund Valkyrie Digital Assets after receiving comments on the proposed rule change regarding the new fund. According to an official Tuesday filing by the SEC, the commission has found that it was appropriate to designate a longer period to take action on the proposed rule change regarding the Bitcoin ETF. Valkyrie initially filed its application for the Valkyrie Bitcoin Trust on the New York Stock …
Etf / June 23, 2021
Crypto Derivatives Might Drive a New Cycle of Mass Adoption
Like every maturing industry, the cryptocurrency market is experiencing extensive developments on many fronts. The potential continues growing every year — from the emergence of initial coin offerings, the first blockchain-based projects and speculation on Bitcoin’s (BTC) price to decentralized finance and central bank digital currencies. Crypto has never run out of hot topics. Now, in 2020, the crypto asset field is no longer regarded as just another “dot-com bubble.” The subject is gaining more traction over the globe, and as COVID-19’s emergence has streamlined digital assets and crypto’s popularity, mainstream acceptance is just a few steps away. The derivatives …
Bitcoin / June 28, 2020
Alexandria Ocasio-Cortez says US lawmakers shouldn't hold crypto to 'remain impartial'
Democratic lawmaker Alexandria Ocasio-Cortez said Monday that she avoids any and all investments which could potentially represent a conflict of interest, including crypto — and believes her fellow lawmakers should do the same. She explained that as a member of the House of Representatives’ Financial Services Committee, she felt it was inappropriate for her to hold Bitcoin (BTC) or other digital assets, because lawmakers have access to “sensitive information and upcoming policy.” "I do not believe members of Congress should hold/trade individual stock and I choose not to hold any so I can remain impartial about policy making," said AOC. …
Bitcoin / Dec. 7, 2021
SkyBridge Capital’s Anthony Scaramucci expects a pro-crypto presidential candidacy
Anthony Scaramucci, the founder of the hedge fund SkyBridge Capital, thinks that the next United States presidential candidate will likely be pro-cryptocurrency, given that the U.S. Securities and Exchange Commission (SEC) recently announced the approval of a fourth Bitcoin (BTC) futures exchange-traded fund (ETF). During an interview at SALT’s Crypto Bahamas conference, Scaramucci told Cointelegraph that he has been bullish on a pro-crypto presidential candidate since the SEC approved Bitcoin futures under the Securities Act of 1933 (‘33 Act) and the Securities Act of 1934 ('34 Act). He added: “The Congress is indicating that they are more crypto-friendly. You now …
Decentralization / May 5, 2022