Sean Patrick Maloney’s Pledge to Step Back from Crypto if Confirmed as OECD Ambassador
Last week, Sean Patrick Maloney made a promise to cease advising on crypto matters if he is confirmed as the U.S. representative to the Organization for Economic Cooperation and Development (OECD). In a letter addressed to Massachusetts Senator Elizabeth Warren on February 9, Maloney committed to resigning from private-sector advisory roles and refraining from influencing crypto policy decisions at the OECD.
This pledge comes in response to scrutiny from Senator Warren and others regarding Maloney’s recent advisory role with Coinbase, a prominent cryptocurrency exchange. By making this commitment, Maloney aims to address concerns about potential conflicts of interest and ensure ethical standards are upheld.
Sean Patrick Maloney’s Journey From Congressman to Crypto Advisor
Before his potential appointment as OECD ambassador, Sean Patrick Maloney served as a member of the House of Representatives. In May 2023, President Joe Biden nominated him for the position of OECD ambassador.
Shortly after his nomination, Maloney joined Coinbase’s Global Advisory Council. This council consists of former U.S. lawmakers and industry leaders who provide guidance on crypto regulation to the company.
Senator Warren: A Vocal Crypto Critic
Senator Elizabeth Warren has been an outspoken critic of cryptocurrencies and their potential impact on national security. In December 2023, she expressed concerns about crypto advocacy groups hiring former officials like Maloney, who previously represented New York’s 18th congressional district.
Crypto companies are spending millions building an army of former defense and law enforcement officials to lobby against new rules shutting down crypto-financed terrorism. This revolving door boosts the crypto industry, but endangers our national security.
— Elizabeth Warren (@SenWarren) December 19, 2023
Senator Warren has been actively supporting a bill aimed at combating the illegal use of digital assets, particularly in money laundering and terrorist financing. However, this legislation has faced criticism from various crypto advocacy groups who argue that its enforcement authority is too broad and could potentially drive crypto firms out of the United States.
The Digital Asset Anti-Money Laundering Act
One of Senator Warren’s key initiatives is the Digital Asset Anti-Money Laundering Act, which aims to address the misuse of digital assets for illicit activities. While this legislation has noble intentions, it has received pushback from crypto advocates who believe that its enforcement powers are excessive and may lead to businesses relocating outside the U.S.
In an unexpected move, Senator Warren’s office recently submitted a request to honor Satoshi Nakamoto, the anonymous creator of Bitcoin, for establishing a “truly inclusive financial system.” The proposal suggests flying the U.S. flag above the Capitol on December 18, 2023, a date known among Bitcoin enthusiasts as HODL Day.
Overall, Sean Patrick Maloney’s commitment to stepping back from advising on crypto matters if confirmed as OECD ambassador reflects his dedication to ethical standards and addressing potential conflicts of interest. This decision comes amid ongoing discussions surrounding cryptocurrency regulation and its impact on national security.
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