The Blockchain Association responded to Senator Elizabeth Warren’s criticism of the crypto industry hiring former government officials.
An open letter was written by Blockchain Association CEO Kristin Smith on January 9th to talk to Senator. Warren said she wants to work together and have honest and open conversations.
“Senator” Warren sent letters to groups that support cryptocurrency on December 18th. He said crypto was used to fund terrorist groups like Hamas and accused government officials of trying to get jobs with digital asset lobbying groups while still in office.
In her letter to Warren, Smith said that the Blockchain Association feels lucky and proud to have many former military, security, and law enforcement members in its group.
After they left their jobs in the government, these public servants had many good job options to choose from. “But they wanted to work in the new digital asset industry because they like being free and creative,” Smith said.
“We think crypto values are the same as American values,” Smith said. “Blockchain technology can help more people access financial services and create ways for people to invest in assets without using traditional financial institutions. ” Cryptocurrency is based on important values that are part of our country’s foundation.
Smith also said that the cost of enforcing the Bank Secrecy Act is too high compared to the benefits. She also mentioned that her Association and members will keep using their rights to ask the government for changes and speak openly about this issue.
The Digital Asset Anti-Money Laundering Act is a law aimed at preventing illegal money laundering using digital assets.
Warren, who speaks out against the crypto industry, brought back a law last year called the Digital Asset Anti-Money Laundering Act. The law wants to make crypto companies follow the same rules as banks, like knowing who their customers are. This would apply to companies like miners, validators, and wallet providers. This law would also stop people from using technology to hide their identity when making crypto transactions.
Not long after Warren’s letter was published in December, Coin Center CEO Jerry Brito wrote his own response on X, saying the letter was rude and a bullying attempt to get attention.
“She believes the public should know everything, but that means nonprofits should have no privacy from the government,” Brito said on X. “She would definitely understand the issue if a conservative senator sent a mean letter asking for honesty from a liberal support group. “