U.S. Sen. Elizabeth Warren (D-Mass.) argued that the cryptocurrency industry’s lobbying efforts are “undermining” the Biden administration’s attempts to address the role of cryptocurrencies in financing terrorism.
In a letter to Kristin Smith, CEO of the Blockchain Association, Warren repeated previous claims that terrorist groups, including Hamas, are using cryptocurrencies to circumvent sanctions.
Warren criticized lobbying efforts by the Blockchain Association and “other cryptocurrency stakeholders” that were “focused on delaying and rejecting new rules that would limit the use of cryptocurrencies by terrorists and criminals.”
Warren added that the lobbying efforts by the Blockchain Association and the Coinbase Global Advisory Board amounted to a “revolving door abuse” by Washington to give “legitimacy” to the cryptocurrency industry.
In her letter, Warren asked the Blockchain Association to provide details about former military personnel, government officials and lawmakers employed by the organization, as well as their compensation, the nature of their work and the details of their meetings with Biden administration officials. She also asked the organization to provide details of its code of ethics in relation to the recruitment of former civil servants.
Warren’s letter comes after the Blockchain Association sent a joint letter to members of the Senate Banking Committee and the House Financial Services Committee, a debate between blockchain analytics firms Elliptic and Chainalytics over the extent to which terrorist groups like Hamas are using cryptocurrencies. It came out citing a report from .
In a blog post, Elliptic claimed: wall street journal Hamas and Palestinian Islamic Jihad have raised “millions of dollars in cryptocurrency,” the article cited in Senator Warren’s letter to the Treasury Department “misinterpreted” data provided by the company.
Elliptic added that “there is no evidence that any cryptocurrency fundraising has raised anything close to $130 million.” W.S.J. And Senator Warren’s letter.
Warren’s attacks on cryptocurrency lobbyists are part of the senator’s broader effort to address the lobbying problem. The senator has proposed legislation that would crack down on stock ownership by government officials and ban lobbying by former presidents, vice presidents, members of Congress, federal judges and Cabinet secretaries.
