Senator Warren claims cryptocurrency companies shouldn’t collaborate with former government employees.
Bipartisan attempts are allegedly being “stonewalled” by lobbying groups and cryptocurrency companies that work with and hire former government officials, according to Massachusetts Senator Elizabeth Warren.
One US senator claims that recruitment from crypto businesses have a “revolving door” of government officials and former law enforcement officers, and that these individuals are unfairly utilized to obstruct policies.
Bipartisan legislative efforts to regulate the cryptocurrency business are allegedly being undermined by lobbying groups and corporations that hire former government employees. This is according to Senator Elizabeth Warren, a Democrat from Massachusetts.
Warren said that the industry’s hiring practices are impeding advancements in Washington in a letter he issued on Monday night to lobbyists Coin Center and the Blockchain Association, as well as cryptocurrency exchange Coinbase.
Warren referenced an article from Politico published in November, according to which the cryptocurrency sector is “flexing a not-so secret weapon: a small army of former law enforcement, national security, and defense officials.”
“The revolving door abuse is abhorrent, exposing that the cryptocurrency industry is spending millions to give itself a façade of legitimacy while fighting tooth and nail to stonewall common sense regulations intended to restrict the use of cryptocurrency for terror financing,” said Warren in the letter.
According to the letter, Warren’s main concern is how lobbying groups and cryptocurrency companies are using their connections to thwart laws that would curb the industry’s funding of terrorist organizations like Hamas.
Coin Center responded to the letter on Tuesday with a statement that said, “Engaging like-minded experts to advocate against legislative proposals that one sincerely believes are unconstitutional and detrimental to the nation’s welfare does not constitute ‘undermining bipartisan efforts in Congress.'”
The letter was sent out the day after Coinbase, which has been actively lobbying since the beginning of the year with the establishment of its nonprofit “Stand with Crypto Alliance,” declared support for the super PAC Fairshake.
Blockworks’ request for response was not immediately answered by Sen Warren’s office.
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