Table of Contents
- Sen. Warren: Congressional Efforts to Address Crypto’s Role in Terror Financing is Being Undermined
- Blockchain Association Pushes Back
- Senator Warren Won’t Back Down
Members of the Blockchain Association responded to a letter sent to them by Senator Elizabeth Warren in December. Sen. Warren accused the association and other industry groups of “flexing a not-so-secret weapon” of former defence and law enforcement officials being hired to undermine Congressional efforts to address crypto’s alleged role in terrorist financing.
The Blockchain Association has proven again it will not just stand idly by while Washington officials make unsubstantiated claims intended to damage the digital asset industry.
Sen. Warren: Congressional Efforts to Address Crypto’s Role in Terror Financing is Being Undermined
The Blockchain Association has responded to a recent letter sent by Senator Elizabeth Warren to the Coin Centre crypto advocacy group. In her letter, Sen. Warren accuses industry groups of “flexing a not-so-secret weapon” of former defence and law enforcement officials being hired to undermine Congress’s efforts to fight against the alleged role crypto plays in financing terrorist groups such as Hamas.
In her letter to Coin Center, Sen Warren said:
“This abuse of the revolving door is appalling, revealing that the crypto industry is spending millions to give itself a veneer of legitimacy while fighting tooth and nail to stonewall common sense rules designed to restrict the use of crypto for terror financing – rules that could cut into crypto company profits.”
According to Politico, Sen. Warren reportedly sent letters to the Blockchain Association and Coinbase.
Blockchain Association Pushes Back
In her letters, the Massachusetts Democrat asked how many former military and civilian government officials and members of Congress currently work at the Blockchain Associations, further asking about their roles and responsibilities.
In a responding letter, Blockchain Association CEO Kristin Smith assured Sen. Warren that the group does not employ anyone named in her list but said many are members of the organisation. Smith urged Sen. Warren to collaborate on issues such as the involvement of former government officials in the industry. To address the issues raised by Senator Warren, Smith offered that the Blockchain Association work with her to come to a resolution.
The responding letter by Smith reads:
“While Blockchain Association does not currently employ anyone with the credentials listed in your first question, we are fortunate and proud to count many former military, national security, intelligence officers, and law enforcement professionals among our membership.”
“After leaving government, these public servants could have chosen from myriad, well-deserved professional opportunities. But they were drawn to work in the emerging digital asset industry because they value freedom and creativity, sovereignty of the individual, and permissionless innovation.”
Senator Warren Won’t Back Down
Sen. Warren has long been an outspoken anti-crypto advocate, doing all she can to clamp down on the industry. As the self-proclaimed thorn in crypto’s side, Sen. Warren proposed the Digital Asset Anti-Money Laundering Act. The bill has gained substantial traction and recently secured additional support from Democratic senators who have agreed to co-sponsor the bill.
Opposition voices have warned that Warren’s proposed legislation could stifle crypto innovation in the US, further driving it offshore.
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