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.
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.”
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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 BTC ETF. She said, “The [US Securities and Exchange Commission] is wrong on the law and wrong on the policy with respect to the Bitcoin ETF decision.”
Price Action: At the time of writing, Bitcoin BTC/USD was trading at $42,703, up 0.35% in the last 24 hours, according to Benzinga Pro.
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