Elizabeth Warren Criticizes Crypto Industry Lobbying Efforts
Senator Elizabeth Warren has once again spoken out against the lobbying efforts of the crypto industry. She claims that crypto companies are spending large sums of money to hire former defense and law enforcement officials as lobbyists. According to Warren, this revolving door between the industry and these officials poses a threat to national security.
Warren believes that these hired lobbyists are working against a new bipartisan bill aimed at curbing terrorism financing through crypto. However, critics argue that the bill could stifle innovation and hinder the growth of the crypto sector.
Several figures in the crypto industry, including Gabor Gurbacs, an advisor to Tether and VanEck, have responded to Warren’s criticism by questioning the lack of regulatory clarity and the senator’s opposition to innovative technologies.
Meanwhile, Senator Roger Marshall, a prominent supporter of the bill banning crypto, revealed that the American Bankers Association played a role in drafting the Digital Asset Anti-Money Laundering Act.
Warren’s Continued Blame on Crypto for Various Issues
Senator Elizabeth Warren continues to blame crypto for bank failures, terrorism financing, and other issues. She has previously accused crypto of contributing to bank failures and being involved in Operation Choke Point 2.0. Additionally, she has attempted to sever ties between crypto and Wall Street and even attributed the Israel-Hamas Conflict to cryptocurrencies.
John Deaton, an attorney representing thousands of XRP holders, has criticized both Senator Elizabeth Warren and SEC Chair Gary Gensler for corruption and misconduct.
The proposed crypto bill is seen as a hindrance to the industry by many. Galaxy Digital CEO Mike Novogratz has called for a change in leadership, stating that populists need to be replaced with individuals who are focused on progress.
Hot Take: Elizabeth Warren’s Ongoing Battle Against Crypto
Senator Elizabeth Warren continues to be a vocal critic of the crypto industry and its lobbying efforts. While she claims that these efforts pose a threat to national security, critics argue that her proposed bill could stifle innovation and hinder the growth of the sector. Warren’s ongoing blame on crypto for various issues has drawn backlash from industry figures and advocates. As the debate around crypto regulation intensifies, it remains to be seen how Warren’s stance will impact the future of the industry.
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