Cryptocurrency advocacy organization Coin Center has openly defied a request from Sen. Elizabeth Warren (D-Mass.) for information on its hiring of former government officials.
What Happened: In December, Warren sent out letters to various entities in the cryptocurrency space, including Coin Center, questioning their recruitment of former defense and law enforcement officials.
Coin Center received the same impertinent letter from Elizabeth Warren as the BA and Coinbase. Read it for yourself to see what a bullying publicity stunt it is. pic.twitter.com/YF3SFQ8rqh
— Jerry Brito (@jerrybrito) December 19, 2023
She suggested that this was part of a strategy to weaken Congressional action aimed at preventing crypto’s alleged use in terror financing activities, specifically by groups like Hamas.
Warren’s letter accused the industry of exploiting the “revolving door” between public service and private enterprise to lend a “veneer of legitimacy” while battling against regulatory measures that could impact profits.
Coin Center said it had no obligation to answer Warren’s questions and dismissed the idea that engaging in policy discussions could be seen as undermining Congressional efforts.
The advocacy group argued against the Senator’s characterization of the proposed bills as “common sense rules,” labeling them as unfair, unworkable, and an infringement on constitutional rights. The group firmly stated, “You have confused our patriotic duty to oppose an unconstitutional and draconian expansion of surveillance for political bias.”
We sent a reponse letter to Sen. Warren’s demand that Coin Center disclose if we employ former federal officials “to undermine bipartisan efforts in Congress” pic.twitter.com/H0BY6cJkQL
— Jerry Brito (@jerrybrito) January 15, 2024
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Why It Matters: Addressing the concerns about cryptocurrencies being used by terrorist groups, Coin Center suggested that Warren’s recommended policies would not be effective and pointed out that resources could be better allocated to bolstering enforcement agencies like FinCEN, the FBI, and the DOJ’s crypto units.
Last week, Warren took a stand against the Securities and Exchange Commission (SEC) approving…
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