Mick Mulvaney Joins Web3 Astra Protocol Compliance Platform as Advisor

Astra Protocol says Mick Mulvaney will help them understand the evolution of global cryptocurrency politics.


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Former White House acting chief of staff Mick Mulvaney has joined Astra Protocol as a strategic advisor, the crypto compliance provider announced on Wednesday.

Mr Mulvaney, who was also the US special envoy for Northern Ireland until he resigned from his post in the Trump administration following the January 6 riot in the US Capitol last year last, will focus on the US strategy for Astra, based in Zurich. , which is developing a decentralized compliance product for the crypto industry.

Its goal is to help Astra understand changing global cryptocurrency policies and expand the company’s role in Web3, the company said. Web3 is a loosely defined vision of a decentralized internet that uses technologies such as blockchain to disperse current corporate control over the web.

Mr. Mulvaney represented South Carolina’s Fifth District in the House of Representatives between 2011 and 2017 and formed the Congressional Blockchain Caucus. He served as director of the Office of Management and Budget for three years before becoming acting White House chief of staff under former President Trump. He also advises the crypto trade association Chamber of Digital Commerce.

“Maintaining regulatory compliance is essential for the continued growth and adoption of decentralized finance,” Mulvaney said in a statement Wednesday. “As global policies evolve, businesses will need to carefully navigate the landscape as regulations shift beneath their feet.”

Astra said Mr. Mulvaney’s years in government and politics will help him navigate complex regulatory environments around the world and achieve his regulatory compliance goals for decentralized protocols, including the integration of know your customer and anti-money laundering products.

Decentralized finance, or DeFi, made possible by smart contracts has allowed crypto enthusiasts to replicate many functions of the financial services sector for the crypto industry without the need for Wall Street. Astra said it aimed to provide a decentralized compliance layer for all DeFi smart contracts that would be able to verify information in various contexts.

Mr Mulvaney’s appointment comes as more and more former government officials are making the leap into the fintech and cryptocurrency sectors. Jay Clayton, the former chairman of the United States Securities and Exchange Commission under President Trump, joined cryptocurrency custody platform Fireblocks Inc. as an adviser last summer while continuing to work as a senior policy adviser at the law firm Sullivan & Cromwell LLP.

Write to Mengqi Sun at mengqi.sun@wsj.com

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Appeared in the April 14, 2022 print edition as “Mulvaney To Advise Compliance Platform”.

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