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Illustration: Annelise Capossela/Axios

Some of cryptocurrency’s most prominent rule-makers are increasingly taking executive gigs at industry upstarts. Call it the cryptocurrency revolving door.

Why it matters: A longtime phenomenon for other sectors is picking up pace in the crypto sphere — which is maturing, trying to find its mainstream footing and desperate for regulatory clarity.

Former D.C. insiders for years joined the industry's executive ranks.

  • What's new now: These latest executives and advisers are those who helped shape important regulatory developments in the crypto landscape.

The latest: Brian Brooks is the new CEO of crypto exchange Binance.US., the company said last week.

  • Brooks was the last head of the Office of the Comptroller of the Currency, a bank regulator. Before that, he was the chief legal officer at Binance’s rival, Coinbase.
  • The OCC under his watch approved crypto firm Anchorage for a federal bank charter, an industry first.

What they’re saying: “[A]s I tried to show as head of the OCC, we need better clarity in this country to let people productively invest in this new and important technology. … One of the things I’m going to do at Binance.US is to help continue to shape that dialogue,” Brooks told CNBC.

Also last week: Bitcoin lender BlockFi added its newest board member Christopher "Crypto Dad" Giancarlo, former chair of the Commodity Futures Trading Commission. 

  • Two stock exchanges started offering bitcoin futures trading for the first time when Giancarlo ran the CFTC.

The bottom line via Axios’ Kia Kokalitcheva: There’s a lag in regulatory clarity and legislation around cryptocurrency. Companies are leaning on insiders — the few who have worked on the government side of crypto — to cope. 

Go deeper

The states ending federal pandemic unemployment benefits early

Protesters demand senators support the continuation of unemployment benefits on July 16, 2020 in Miami Springs, Florida. Photo: Joe Raedle/Getty Images

At least 12 Republican-led states have announced they are terminating their involvement in federal pandemic-related unemployment programs early.

Driving the news: Many of the states' governors cited worker shortages. But some experts say it's the job climate, including pandemic-era factors, and not unemployment benefits that is determining when and how people return to work.

Elon Musk suspends Tesla purchases with bitcoin

Elon Musk. Photo: Liesa Johannssen-Koppitz/Bloomberg via Getty Images

Consumers can no longer buy Tesla vehicles with bitcoin, CEO Elon Musk announced on Twitter Wednesday.

What he's saying: Musk cited the environmental concerns associated with bitcoin — the cryptocurrency has a massive carbon footprint — as his reasoning behind Wednesday's decision.

Bryan Walsh, author of Future
1 hour ago - Science

The cicadas are a preview of a buggy future

Illustration: Annelise Capossela/Axios

Trillions of Brood X cicadas are now emerging throughout parts of the mid-Atlantic and Midwestern U.S.

Why it matters: Most immediately, because they can be as loud as a Metallica show when they're singing in concert.