‘Now is the time to move’
A 29-year veteran of the United States government, including three years as head of the Internal Revenue Service (IRS) criminal investigation team, has moved to cryptocurrency analytics company Chainalysis.
In an April 8 announcement, Chinalysis said Jim Lee has ended his tenure at the IRS and has moved to become head of global capacity building for the analytics firm. Lee said he plans to focus on helping international agencies develop solutions to combat cryptocurrency-based crimes.
As the head of IRS criminal investigations, Lee sometimes worked with Chinalysis to facilitate the seizure of crypto used for illegal purposes. In the year In December 2023, he said digital assets posed a risk of financing terrorism and ransomware attacks, but acknowledged that most people use the technology for “legitimate purposes”.
“Crypto has brought more transparency and efficiency to finance, and we're still in the early stages,” Lee said. “Over time, we believe this technology will help people gain more control over their money and increase financial inclusion around the world. However, criminals of all kinds have been quick to embrace cryptocurrency.”
In a March post on LinkedIn, Lee said:
“It's time to move on and give others a chance to lead.”
Lee said the move to Chinalysis was partly because of the company[leading] The way from the private sector to making cryptocurrency safe. The firm has often worked with US authorities on criminal crypto issues, including ransomware attacks during the pandemic and reporting transactions to the tax authorities.
Related: Ransomware Returns: Chainalysis Flags $1B in Payments by 2023
The former head of the IRS has announced his retirement from the criminal investigation team. In March, the agency said Guy Fico would replace Lee on April 1. Cointelegraph reached out to the IRS but did not receive a response at the time of publication.
Lee's move to Chinalysis comes as U.S. lawmakers, including Massachusetts Sen. Elizabeth Warren, have expressed concern about policymakers entering the digital asset industry in the past who have passed legislation or left government. Senator Warren suggested that many officials may lay the groundwork for “auditions” for crypto-related positions in the private sector while still in public service.
Magazine: Legislators' fear and skepticism fuel proposed crypto regulations in the US.
