Sen. Warren Criticizes The Cryptocurrency Company's Washington Insider Rotating Gate

The senator from Massachusetts claims that several public servants may be setting the stage while serving the general population to audition for jobs in the cryptocurrency sector.

Source: cryptodaily.co.uk

Massachusetts Senator Elizabeth Warren, an active opponent of digital currencies in the US Congress, has asked organizations that advocate for cryptocurrency to respond to inquiries about the way the industry makes use of politicians and previous authorities. In her letters dated December 18 to the advocacy groups Coin Center and the Blockchain Association, Senator Warren highlighted a Politico article. The article reported that specific entities in the crypto sector employ a significant number of former defense, national security, and law enforcement officials to resist the regulation of digital assets. Senator Warren also repeated her concerns about crypto's alleged involvement in funding U.S.-designated terrorist groups, including Hamas, responsible for the October 7 attack on Israel. 

Furthermore, she pointed to the close ties between the crypto industry and Washington insiders, suggesting that some government officials might be using their public roles as a stepping stone for potential lobbying positions in the digital asset sector. As an example, she mentioned the presence of former Senator Patrick Toomey, former Representative Tim Ryan, and former Representative Sean Patrick Maloney on Coinbase's Global Advisory Council.

Senator Warren expressed strong disapproval, stating, “The crypto industry's misuse of the revolving door is deeply concerning.” It appears they are investing heavily to present a facade of legitimacy while vehemently opposing sensible regulations that could curtail crypto's misuse in funding terrorism—regulations that might impact their profits. Warren ought to direct her attention towards the wrongdoers, rather than those collaborating closely with U.S. law enforcement to apprehend them, responded Kristin Smith, CEO of the Blockchain Association, to the inquiry.

The senator from Massachusetts has set a deadline of January 14 for the advocacy groups to disclose information regarding the employment and compensation of former military personnel, civilian government officials, or congressional members within the crypto sector. Additionally, she has sought clarification on any existing ethical guidelines within these organizations to manage potential conflicts of interest.

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