Elizabeth Warren Claims Crypto Lobbying Undermines Biden’s Efforts to Address Terrorism Financing
U.S. Senator Elizabeth Warren (D-Mass.) has accused the crypto industry of undermining the Biden Administration’s attempts to tackle the role of cryptocurrency in terrorist financing. In a letter to the Blockchain Association’s CEO, Kristin Smith, Warren restated her claims that terrorist groups like Hamas use cryptocurrency to evade sanctions.
Warren criticized the lobbying efforts of the Blockchain Association and other crypto interests, alleging that they are focused on delaying and denying new regulations that would restrict crypto’s use by terrorists and criminals. She also condemned what she called an “abuse of the revolving door” in Washington, where former military, government officials, and members of Congress are employed by these organizations to give legitimacy to the crypto industry.
Warren Demands Transparency from Blockchain Association
In her letter, Warren requested that the Blockchain Association provide information about its employees who are former military, government officials, or members of Congress. She also asked for details about their compensation, nature of work, and any meetings with Biden Administration officials. Additionally, Warren called for transparency regarding the organization’s code of ethics related to the employment of former government officials.
Blockchain Association Counters Allegations in Joint Letter
The Blockchain Association responded to Warren’s claims by sending a joint letter to members of the Senate Banking Committee and House Financial Services Committee. The letter disputed the extent to which terrorist groups use cryptocurrency, citing analysis firms Elliptic and Chainalysis. These firms argued that previous reports on Hamas and Palestinian Islamic Jihad raising millions of dollars in crypto were based on misinterpreted data.
Warren’s Attack on Crypto Lobbyists as Part of Broader Anti-Lobbying Effort
Warren’s criticism of crypto lobbying is part of her wider effort to tackle lobbying in general. She has proposed legislation that aims to crack down on stock ownership by government officials and ban former high-ranking officials from engaging in lobbying activities.
Hot Take: Elizabeth Warren Accuses Crypto Lobbying of Undermining Anti-Terrorism Efforts
Senator Elizabeth Warren has accused the crypto industry, particularly the Blockchain Association, of impeding the Biden Administration’s attempts to address cryptocurrency’s role in terrorist financing. Warren claims that these lobbying efforts are focused on delaying regulations that would restrict crypto’s use by criminals and terrorists. The Senator also raises concerns about the employment of former military and government officials by these organizations, calling it an abuse of power. In response, the Blockchain Association disputes the extent to which terrorist groups use cryptocurrency. This clash highlights Warren’s broader campaign against lobbying and her push for transparency and accountability within the crypto industry.
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