U.S. Senator Elizabeth Warren has criticized the Blockchain Association’s use of former security officials to push back against her attempts to link crypto to terrorism funding. Warren claimed that the ease with which U.S. officials can leave their positions in government to work as lobbyists shows the gaps in the country’s ethics laws. Kristin Smith, CEO of the Blockchain Association, has urged Warren and her supporters to direct their attacks on perpetrators of crime and not those who are assisting U.S. law enforcement.
Crypto Industry’s Alleged ‘Abuse of the Revolving Door’
The United States Senator for Massachusetts, Elizabeth Warren, has written a letter criticizing the Blockchain Association for enlisting the help of “a small army” of past security officials in its bid to undermine Congress’ attempt to link crypto to Hamas’ Oct. 7 attacks on Israel. In her Dec. 18 letter addressed to Kristin Smith, the Blockchain Association’s CEO, Warren cites a Politico report that names former U.S. Defense Secretary Mark Esper as one of the security experts.
Warren’s repudiation of the Blockchain Association’s efforts comes just days after her latest anti-crypto bill won bipartisan support. As reported by Bitcoin.com News, Warren’s Digital Asset Anti-Money Laundering Act is also endorsed by organizations such as the Bank Policy Institute, Massachusetts Bankers Association, Transparency International U.S., Global Financial Integrity, and National District Attorneys Association.
In her letter, the Massachusetts senator appears to take umbrage at the crypto industry’s ability to secure the services of former members of the U.S. Congress. The senator also described the industry’s “abuse of the revolving door” as appalling.
The Gap in Ethics Laws
According to Warren, the ease with which U.S. officials can leave their positions in government to work as lobbyists or advisers for private companies highlights the gaps in the country’s ethics laws.
“This is wrong. Americans should be confident that government officials are working on their behalf rather than auditioning for high-paid lobbying jobs or abusing the connections that they have made in government service to influence members of Congress and regulators after they have made a trip through the revolving door,” Warren said.
Although members of the U.S. Congress have introduced legislation to restrict or close loopholes in ethics laws, Warren said she still wants the Blockchain Association to provide her with details of former military, and civilian government officials, or members of Congress who on its behalf. She also wants details of their activities and interactions with Biden administration officials.
Warren Unwilling to Engage the Blockchain Association; and a ‘Bullying Publicity Stunt’
In response to Warren’s four-page letter, the Blockchain Association CEO insisted that she, like other Americans, shares the common goal of combating terrorism. Nevertheless, the CEO believes that Warren and her supporters should be directing their attacks on crime perpetrators and not those assisting U.S. law enforcement. She added:
The industry is eager to engage on policy issues. Last month, we invited Sen. Warren to our annual Policy Summit in DC – just one mile from her office – w/ a genuine invitation to speak with our industry directly. We were hopeful that she would join us, but she didn’t.
Smith also described the Massachusetts Senator’s letter as the latest in her many attempts to discredit the industry and those who are committed to building an inclusive financial system, as well as a user-focused internet. The CEO of the Blockchain Association added that her organization and its members will continue to educate policymakers despite Warren’s scolding.
According to the Executive Director of Coin Center, Jerry Brito, the Massachusetts politician also sent a letter to the non-profit research and advocacy organization focusing on public policy issues facing cryptocurrencies. Brito said, “Coin Center received the same impertinent letter from Elizabeth Warren as the BA and Coinbase. Read it for yourself to see what a bullying publicity stunt it is.”
Furthermore, Fox Business reporter Eleanor Terrett recently disseminated a report issued by the Cedar Innovation Foundation concerning allegations of a “revolving door” associated with Warren. The research report is called “Elizabeth Warren Revolving Door Hypocrisy.”
What do you think about U.S. Senator Elizabeth Warren’s letter to the Blockchain Association? Let us know what you think in the comments section below.
