Blockchain Association responds to Sen. Warren about crypto hires, pushes back on legislation
The Blockchain Association pushed back on Sen. Elizabeth Warren's sharpened scrutiny of government hires in a letter addressed to the Massachusetts Democrat on Tuesday.
The group's letter is in response to a letter Warren sent last month where she accused the Blockchain Association and other industry groups of "flexing a not-so secret weapon" of former defense and law enforcement officials being hired in a purported attempt to undermine Congressional efforts to address the alleged role of crypto in financing terrorist groups.
Warren asked in her letters for information about how many former military, civilian government officials or members of Congress are currently working at the association and what their responsibilities are. Blockchain Association CEO Kristin Smith said the group does not currently employ anyone included in that list, in the letter dated Tuesday, but added they are members.
"While Blockchain Association does not currently employ anyone with the credentials listed in your first question, we are fortunate and proud to count many former military, national security, intelligence officers, and law enforcement professionals among our membership," Smith said.
"After leaving government, these public servants could have chosen from myriad, well-deserved professional opportunities. But they were drawn to work in the emerging digital asset industry because they value freedom and creativity, sovereignty of the individual, and permissionless innovation," Smith added.
Pushback on Warren's approach
Smith rebuffed Warren's legislative efforts to regulate crypto in the letter.
Warren, who has often been critical of the crypto industry, reintroduced the Digital Asset Anti-Money Laundering Act last year, which aims to extend Bank Secrecy Act requirements including know-your-customer rules to miners, validators, wallet providers and others.
Applying the Bank Secrecy Act to individuals and users comes at a huge cost, Smith said.
"[The] Blockchain Association and the individuals that make up its membership intend to continue to exercise our Constitutional rights by petitioning the government and speaking freely on this issue," Smith said.
