Elizabeth Warren Opposes Blockchain Lobbying Efforts, Writes Letter to Association – What’s Going On?
Sen Elizabeth Warren has opposed the growing cryptocurrency lobbying efforts in Washington calling on all stakeholders to support regulations to clamp down on terrorist financing amid other concerns.
In a letter addressed to the United States Blockchain Association, the senator expressed dismay over increasing efforts to cripple attempts of the present administration to tackle funds flowing to terrorists and other ethical issues within the subject matter.
According to the letter, the blockchain association and other executives have deployed a team of former defense and national law enforcement officials to lead lobby efforts in Washington.
“I write regarding a troubling new report that your association and other crypto interests are flexing a “not-so-secret weapon: a small army of former defense, national security, and law enforcement officials” to work on your behalf to undermine bipartisan efforts in Congress and the Biden Administration to address the role of cryptocurrency in financing Hamas and other terrorist organizations.”
Citing the Oct 7 attack by Hamas against Israel, the letter states that more information has come to light on how terrorist organizations are funded using digital assets calling out exchange failures to flag transactions going to terror groups and cybercriminals.
It should be noted that the allegations of millions of dollars worth of cryptocurrencies used to fund terrorist groups have been disproven by multiple on-chain analytics firms.
Sequel to the Oct 7 attacks, the Wall Street Journal released a report claiming terrorist organizations get funding through digital assets in millions of dollars. Meanwhile, several firms like Chainalysis have called the report overstated while calling on
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