Senator Warren Escalates Criticism of Crypto Industry Groups in New Letters
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Senator Warren Escalates Criticism of Crypto Industry Groups in New Letters

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Created 6mo ago, last updated 6mo ago

Senator Elizabeth Warren, D-Mass., has intensified her criticism of the crypto industry in a series of letters sent to industry groups and the Coinbase exchange.

Senator Warren Escalates Criticism of Crypto Industry Groups in New Letters

Senator Elizabeth Warren, D-Mass., has intensified her criticism of the crypto industry in a series of letters sent to industry groups and the Coinbase exchange. In a letter to the Coin Center crypto advocacy group, Warren accused the industry of using a "not-so secret weapon" by hiring former defense and law enforcement officials in an alleged attempt to undermine Congressional efforts to address the role of crypto in financing terrorist groups, including Hamas.

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"This abuse of the revolving door is appalling, revealing that the crypto industry is spending millions 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," Warren wrote in the letter. Similar letters were also sent to the Blockchain Association and Coinbase, according to Politico.

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Warren's criticism stems from her concerns about the potential use of crypto to finance terrorist organizations, particularly in light of Hamas' attack on Israel in October. She and other lawmakers have cited a report from the Wall Street Journal that suggested Hamas and other militant groups used crypto as a financing tool ahead of the attacks. However, blockchain forensics firm Elliptic, the source of the data in the article, has since stated that the figures were misrepresented.

Warren's letters also raise concerns about the revolving door between government agencies and the crypto industry. She requested information from the three crypto organizations regarding the number of former military personnel or members of Congress currently employed by them and their responsibilities. She also inquired about the existence of codes of ethics restricting contacts with active government officials about future employment or the activities of former government employees working for the organizations.

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