Senator Elizabeth Warren has accused the Blockchain Association and other industry groups of undermining Congressional efforts to address the alleged role of cryptocurrency in terrorist financing. The senator alleges that these groups are hiring former defense and law enforcement officials to fight against these efforts. The Blockchain Association has responded to these accusations, stating that it will not stand by while unsubstantiated claims are made to damage the digital asset industry.
In a letter to the Coin Centre crypto advocacy group, Senator Warren stated that the crypto industry is spending millions to give itself a veneer of legitimacy while fighting against rules designed to restrict the use of crypto for terror financing. These rules, she argues, could cut into crypto company profits. The senator has reportedly sent similar letters to the Blockchain Association and Coinbase.
In response to Senator Warren’s letters, the Blockchain Association’s CEO, Kristin Smith, assured the senator that the group does not employ anyone named in her list. However, she did confirm that many former military and civilian government officials and members of Congress are members of the organization. Smith urged Senator Warren to collaborate on issues such as the involvement of former government officials in the industry and offered to work with her to come to a resolution.
Smith stated in her response letter that many former military, national security, intelligence officers, and law enforcement professionals are members of the Blockchain Association. She added that these public servants were drawn to work in the emerging digital asset industry because they value freedom and creativity, sovereignty of the individual, and permissionless innovation.
Senator Warren has long been an outspoken anti-crypto advocate, doing all she can to clamp down on the industry. She has proposed the Digital Asset Anti-Money Laundering Act, which has gained substantial traction and recently secured additional support from Democratic senators who have agreed to co-sponsor the bill. However, opposition voices have warned that Warren’s proposed legislation could stifle crypto innovation in the US, further driving it offshore.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Elizabeth Warren, Kristin Smith |
| Companies | Politico, Coin Centre, Blockchain Association, Coinbase |
| Currencies | None |
| Securities | None |
