Blockchain Association Responds to Senator Warren’s Accusations
In December, Senator Elizabeth Warren sent a letter to the Blockchain Association and other industry groups, accusing them of hiring former defense and law enforcement officials to undermine Congressional efforts to address crypto’s alleged role in terrorist financing. The Blockchain Association has responded to this letter, stating that it will not stand idly by while unsubstantiated claims are made to damage the digital asset industry.
Senator Warren Claims Efforts to Address Crypto’s Role in Terror Financing are Undermined
In her letter, Senator Warren accuses industry groups of hiring former defense and law enforcement officials to undermine Congress’s efforts to fight against crypto’s alleged role in financing terrorist groups. She calls this abuse of the revolving door appalling and criticizes the industry for stonewalling rules that could restrict the use of crypto for terror financing.
Blockchain Association Pushes Back Against Accusations
Senator Warren sent letters to the Blockchain Association and Coinbase, asking about the employment of former military and civilian government officials. In response, Blockchain Association CEO Kristin Smith assured Senator Warren that the group does not employ anyone named in her list but acknowledged that many members have such credentials. Smith proposed collaboration to address the issues raised by Senator Warren.
Senator Warren’s Anti-Crypto Stance
Senator Warren has been a vocal opponent of the crypto industry and proposed the Digital Asset Anti-Money Laundering Act. The bill has gained support from Democratic senators, but critics argue it could stifle innovation and drive crypto offshore.
Hot Take: Blockchain Association Counters Senator Warren’s Claims
The Blockchain Association has responded to accusations made by Senator Elizabeth Warren regarding the hiring of former defense and law enforcement officials to undermine Congressional efforts related to crypto’s alleged involvement in terrorist financing. The association asserts that it will not simply stand by while baseless claims are used to harm the digital asset industry. Meanwhile, Senator Warren continues to push for stricter regulations and legislation, aiming to crack down on the crypto industry. This ongoing conflict between regulators and industry players highlights the challenges and tensions surrounding crypto’s role in the financial landscape.
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