The Blockchain Association Responds to Sen. Elizabeth Warren’s Scrutiny
The Blockchain Association has written a letter to Sen. Elizabeth Warren in response to her concerns about government hires in the crypto industry. In her previous letter, Warren accused the association and other industry groups of employing former defense and law enforcement officials to undermine Congressional efforts in addressing crypto’s alleged role in financing terrorist groups.
No Government Employees Employed
The Blockchain Association CEO, Kristin Smith, clarified that while they do not currently employ anyone with military or government credentials, they have members who fit that description. Smith highlighted that these individuals were drawn to the digital asset industry because of their values of freedom, creativity, individual sovereignty, and permissionless innovation.
Pushback on Crypto Regulation
Smith also expressed opposition to Warren’s legislative efforts to regulate cryptocurrency. Warren reintroduced the Digital Asset Anti-Money Laundering Act, which aims to extend Bank Secrecy Act requirements to miners, validators, wallet providers, and others. However, Smith argued that applying these regulations to individuals and users would come at a significant cost.
Exercising Constitutional Rights
The Blockchain Association reiterated its commitment to exercising their constitutional rights by petitioning the government and speaking freely on the issue of crypto regulation.
Hot Take: The Blockchain Association Counters Elizabeth Warren’s Concerns
The Blockchain Association has responded directly to Sen. Elizabeth Warren’s accusations regarding government hires in the crypto industry. While acknowledging the presence of former military and government officials within their membership, the association emphasized that it does not currently employ individuals with those credentials. Additionally, they expressed disagreement with Warren’s proposed regulations on cryptocurrency, arguing that it would impose significant costs on individuals and users. The association remains committed to exercising their constitutional rights in advocating for the industry’s interests.
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