- Warren accused crypto industry lobbyists of undermining attempts to curb cryptocurrency’s use by terrorists and criminals by pushing to delay and deny new rules
- Warren requested details from the Blockchain Association on former government and military officials they employ, including compensation and meetings with Biden officials, accusing them of improperly exploiting the “revolving door”
- The Blockchain Association previously disputed claims about the extent of crypto use by terror groups, citing analysis firms, as part of Warren’s broader effort targeting lobbying practices with proposed legislation
In a letter to the Blockchain Association, Senator Elizabeth Warren accused crypto industry lobbyists of efforts focused on delaying and denying new rules that would restrict crypto’s use by terrorists and criminals. Warren claimed these lobbying efforts undermine the Biden Administration’s attempts to address the role of cryptocurrency in terrorist financing.
Warren Requests Details on Association’s Revolving Door Practices
In the letter, Warren also requested details on former government and military officials employed by the Blockchain Association, including their compensation and meetings with Biden Administration officials. She accused the Association and Coinbase‘s advisory council of abusing the “revolving door” in Washington to bestow legitimacy on the crypto industry.
Association Disputes Extent of Crypto Use By Terror Groups
The Blockchain Association previously sent a letter disputing claims about the extent to which groups like Hamas use crypto, citing blockchain analysis firms Elliptic and Chainalysis. Elliptic also argued there is no evidence to suggest crypto fundraising has raised amounts close to what reports have stated.
Warren Targets Lobbying as Part of Wider Effort
Senator Warren’s letter comes as part of a broader push to crack down on lobbying practices. She has proposed legislation to limit government officials’ stock ownership and restrict former officials from lobbying activities.
