Sen. Warren Opposes Blockchain Association Lobbying Efforts

• Senator Elizabeth Warren has written a fiery letter.
• The letter was addressed to the Blockchain Association CEO, Kristin Smith.
• The Senator wants the association to answer specific questions regarding crypto lobbying.

U.S. Senator Elizabeth Warren has openly opposed Washington’s growing crypto lobbying efforts, calling industry stakeholders to stop “undermining” Congress’ efforts to clamp down on crypto-funded terrorism.

On December 18, Warren wrote to the Blockchain Association CEO Kristin Smith, expressing dismay over what she termed “a troubling new report” that the association is “flexing a not-so-secret weapon” against legislations aimed at sealing crypto gaps exploited by bad actors.

Senator Warren Slams the Industry’s “Veneer of Legitimacy”

Citing a Politico report in the letter , Warren slammed lobbying efforts by the Blockchain Association and Coinbase’s Global Advisory Council as an “abuse of the revolving door” aimed at installing a “veneer of legitimacy” on the crypto industry.

“This abuse of the revolving door is appalling, revealing that the crypto industry is spending millions10 to give itself a veneer of legitimacy while fighting tooth and nail to stonewall common sense rules designed to restrict the use of crypto for terror financing – rules that could cut into crypto company profits,” the Senator wrote.

While trusted blockchain analytics firms have refuted the allegations of millions of dollars worth of cryptocurrencies used to fund terrorist groups, Warren maintained that new information has revealed how crypto has become “an essential part for Hamas’s operational activity.”

According to the Senator, the Blockchain Association has “a small army of former defense, national security, and law enforcement officials” working on its behalf to undermine the Biden Administration’s effort to address the role of crypto in financing Hamas.

Following the allegations, the Senator has asked the association to provide the number and names of former military and civilian government officials or members of Congress it has currently employed.

The senator has also asked the association to clarify whether it contacted the said officials about employment while they were still in government. Warren urged the association to provide answers “no later than January 14, 2024.”

Read why Senator Warren believes crypto is a threat to the U.S.:
Senator Warren Labels Crypto a Threat to the United States

Stay updated on Senator Warren’s expanded coalition support for the crypto crackdown bill:
Sen. Warren Expands Coalition Support for Crypto Crackdown Bill