Blockchain Association Addresses Sen. Warren’s Crypto Criticism

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Blockchain AssociationBlockchain Association
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The Blockchain Affiliation has revealed a public response to Senator Elizabeth Warren’s criticism of the crypto trade’s hiring of former authorities officers.

In an open letter revealed on January ninth, Blockchain Affiliation CEO Kristin Smith addressed Sen. Warren’s earlier feedback, providing the Affiliation’s “partnership” and stating that her group can be receptive to participating in discussions “in an open and clear method.”

Sen. Warren had previously sent letters to crypto advocacy teams – together with Blockchain Affiliation and Coin Heart – on December 18th final 12 months, arguing that crypto was behind the financing of terrorist organizations similar to Hamas, and suggesting that many authorities officers had been making ready to “audition” for digital asset lobbying positions whereas nonetheless holding workplace.

In her letter to Warren, Smith stated the Blockchain Affiliation was “lucky and proud” to think about many former navy, nationwide safety, intelligence officers, and legislation enforcement people amongst its membership.

“After leaving authorities, these public servants might have chosen from myriad, well-deserved skilled alternatives. However they had been drawn to work within the rising digital asset trade as a result of they worth freedom and creativity,” Smith stated.

“We imagine crypto values are American values,” Smith continued. “Blockchain know-how has demonstrated the potential to boost monetary inclusion  […] and supply new wealth-building alternatives exterior of Wall Road by means of direct possession of belongings. At its core, crypto know-how displays and enhances basic values integral to our nation.”

Smith additionally asserted that the “huge prices” of implementing the Financial institution Secrecy Act would “far outweigh any advantages,” including that her Affiliation and its membership would “proceed to train our Constitutional rights by petitioning the federal government and talking freely on this challenge.”

The Digital Asset Anti-Cash Laundering Act

Warren, a vocal critic of the crypto trade, reintroduced the Digital Asset Anti-Cash Laundering Act final 12 months, which goals to increase Financial institution Secrecy Act necessities together with know-your-customer guidelines to numerous crypto corporations, similar to miners, validators, and pockets suppliers. The act would additionally prohibit the usage of anonymity-enhancing applied sciences in crypto transactions.

Shortly after the publication of Warren’s letter in December, Coin Heart CEO Jerry Brito posted his personal response on X, calling the letter “impertinent” and a “bullying publicity stunt.”

“She says the general public ‘deserves transparency’ however the implication of that view is that nonprofits deserve no privateness from authorities intrusion,” Brito said on X. “Certainly she would see the issue on this if a right-wing senator despatched as bullying a letter demanding ‘transparency’ from a progressive advocacy group.”

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