Crypto heavyweights have criticized Senator Elizabeth Warren’s calls for increased oversight of the sector.
Elizabeth Warren’s latest move to increase oversight of cryptocurrencies has been met with a counterattack from industry heavyweights, including Coinbase CEO Brian Armstrong. Earlier this week, a senator from Massachusetts sent a series of letters. letterDemanding answers to what she claims is “A veneer of legitimacy.”
Coinbase Armstrong: Opposing cryptocurrencies is a really bad political strategy until 2024 wrote X accused Warren of “lobbying for big banks.”
“It’s sad that @ewarren, who started his career with good intentions, has morphed into a disingenuous all-rounder who grabs headlines at every opportunity,” said Galaxy Digital CEO Michael Novogratz. Posted.
voting strategy
Cryptocurrency lawyer Scott Johnsson believes that trying to oust Warren from Congress is “not worth the energy.” “Instead, focus on the vulnerable populations who supported her campaign last year,” Johnsson said. wrote X provides a list of closely contested House and Senate Democratic seats in those states.
Nic Carter, co-founder of Castle Island Ventures, echoed the idea of going after Warren’s allies rather than going after Warren directly.
“If the cryptocurrency industry gets its act together in 2024 and helps out some fierce competition, like Brown in Ohio, for example, senators will be a lot less brazen about attacking us mercilessly in the future.” carter wrotementioning what’s coming re-election challenge It was faced by Senator Sherrod Brown, who shares Warren’s anti-encryption stance.
indirect impact
Messari CEO Ryan Selkis believes Warren’s influence lies not only in the actual legislation she pushes, but also in her relationships with other powerful actors in government.
“Warren’s opposition to cryptocurrencies is so effective because it is largely indirect. The White House and major financial regulators have stopped answering calls from the industry due to pressure from Warren and have rejected all requests for meetings with the more than 40 founders who have visited Warren. “At the Capitol during Coinbase’s ‘Stand with Crypto’ event this September,” Selkis wrote In the 2024 cryptocurrency paper.
Among Warren’s close allies in government, Selkis includes Securities and Exchange Commission Chairman Gary Gensler, Federal Deposit Insurance Corporation Chairman Martin Gruenberg; Director of the Consumer Financial Protection Bureau Rohit Chopra, Deputy Secretary of the Treasury Wally Adeyemo, Democratic Representative Maxine Waters and National Economic Council Deputy Director Jon Doneneberg.
Selkes accused Warren of “building an anti-crypto empire” and said the industry should build a “rebel alliance” in response. He pointed out that the 2024 presidential election could be a turning point that could curb Warren’s influence.
“We’ll see who wins next November, but I don’t think she will like the result,” Selkis wrote.
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