Former US Treasury Sanctions Head Joins Ribbit Capital
Sigal Mandelker, a former U.S. Treasury undersecretary who led sanctions enforcement against Iran and Venezuela, has reportedly joined venture capital firm Ribbit Capital. She is expected to lobby for portfolio company Coinbase on crypto regulations, marking a significant crossover of a high-level government official into the digital asset industry.
- As Under Secretary of the Treasury for Terrorism and Financial Intelligence from 2017 to 2019, Sigal Mandelker oversaw the Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN), leading efforts to combat illicit financial activities. During her tenure, she played a key role in implementing and enforcing economic sanctions against nations like Iran, North Korea, and Venezuela. - Ribbit Capital, which Mandelker joined in April 2020, is a venture capital firm with a strong focus on early-stage fintech and crypto companies. Its diverse crypto portfolio includes investments in major players like Coinbase, Solana, Aave, and Blockstream. - Coinbase is currently facing significant regulatory challenges and has ramped up its lobbying efforts in Washington. The company's spending on lobbying increased from $1.13 million in 2021 to an estimated $3.66 million in the first half of 2025. A key focus of their lobbying is the CLARITY Act, which aims to provide a clear regulatory framework for the crypto industry. - Mandelker's move is part of a larger trend of former high-level government officials transitioning to the crypto sector. This "revolving door" has seen nearly 240 former officials from Congress, the White House, and regulatory agencies join crypto firms, including former SEC Chairman Jay Clayton and former CFTC Chairman Christopher Giancarlo. - At the Treasury, Mandelker was known for utilizing financial intelligence to target and disrupt illicit networks. This included taking early regulatory actions against virtual currency mixers used for criminal activities and by sanctioned entities. - Ribbit Capital has a history of investing in the foundational infrastructure of the crypto economy. Beyond exchanges, the firm has backed Chainalysis, a blockchain forensics company crucial for compliance and institutional adoption. - Coinbase's lobbying is particularly focused on stablecoin regulations, which accounted for approximately 19% of its total revenue in 2025. The company is working to influence draft legislation that could impact its revenue-sharing agreement with Circle, the issuer of USDC. - The transition of officials like Mandelker coincides with a shifting political landscape regarding cryptocurrency. The Trump administration has shown increasing support for the crypto industry, with promises to advance favorable policies and appoint pro-crypto figures to key regulatory positions.
