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Senator Warren accuses crypto lobbyists of obstructing anti-terrorism efforts

senator-warren-accuses-crypto-lobbyists-of-obstructing-anti-terrorism-efforts
Edited by
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Senator Warren accuses crypto lobbyists of obstructing anti-terrorism efforts

In a pointed letter to prominent crypto lobbying groups, including the Blockchain Association, Coin Center and Coinbase, Warren emphasized the potential negative impact of their lobbying activities.

Warren accuses these groups of engaging in efforts that could delay or obstruct the implementation of new regulations aimed at curbing the use of cryptocurrencies by terrorists and criminals.

Warren’s latest assertions come amidst a broader conversation about the role of digital currencies in unlawful activities.

She alleges that their activities represent an abuse of Washington’s “revolving door,” granting undue legitimacy to the crypto industry. Furthermore, the senator requested detailed information from the Blockchain Association about the employment and compensation of former military, government officials, and Congress members within the organization.

The latest developments follow a joint letter from the Blockchain Association to the Senate Banking Committee and House Financial Services Committee. The letter challenges assertions about the extent of cryptocurrency use by terrorist groups like Hamas, citing analyses from blockchain firms Elliptic and Chainalysis.

In a blog post, Elliptic contended with a Wall Street Journal article’s claim, also referenced by Senator Warren in a letter to the Treasury, that Hamas and Palestinian Islamic Jihad had garnered millions in cryptocurrency.

The firm further clarified that this assertion was a misinterpretation of their data. Additionally, Elliptic emphasized the lack of evidence supporting the notion that cryptocurrency fundraising had approached the $130 million figure mentioned in both the WSJ article and Senator Warren’s letter.

Senator Warren’s criticism of crypto lobbyists is part of her broader campaign against lobbying.

Senator Warren has proposed a bill aimed at restricting stock ownership among government officials and prohibiting ex-presidents, Vice Presidents, Congress members, federal judges, and Cabinet Secretaries from engaging in lobbying activities.

Responding to Warren’s letter, Blockchain Association CEO Kristin Smith noted that the allure of the crypto industry for many is its emphasis on freedom, individual sovereignty, and the ability to innovate without seeking permission.

Coinbase’s head of U.S. policy, Kara Calvert, said the national security and law enforcement experts that the crypto exchange employs “do not deserve to be maligned as they work to keep our nation strong and safe.”

Coin Center argued in its own statement that gathering individuals with similar views to oppose legislation represents a fundamental right to freely associate and petition the government:

“It’s everyone’s right, and no one should apologize for doing it. Resorting to questioning motives often reflects an inability to prevail on the merits of an argument itself.”