The US senator Elizabeth Warren continues with her media terrorism against cryptocurrencies regarding regulation.
After asking for crypto transactions to be regulated, she has now even attacked crypto companies that hire former government officials. As if she didn’t want crypto companies to comply with regulations.
Summary
Regulation: Senator Warren’s letter and crypto terrorism
Warren sent a letter of accusation to the Blockchain Association the day before yesterday, as if he were a censor or a judge able to decide what others should do.
Warren, on the other hand, is just a senator, as can be seen from her signature at the bottom of the law, and it is not even certain that she will be reelected next year. She has no operational or governmental role.
In the letter, it states that the Blockchain Association has hired “a small army of former defense, national security, and legal officials.” However, it is not clear why this should be considered illegal, immoral, despicable, or ethically reprehensible.
Furthermore, he stands as a spokesperson for the Biden administration, of which he is not a part, stating that they will address the role of cryptocurrencies in financing Hamas and other terrorist organizations.
He is essentially accusing the Blockchain Association of facilitating cryptocurrency funding for terrorist organizations like Hamas.
In the letter, it mentions the Binance case, which has admitted its faults, and in turn attacks Coinbase accusing it of similar crimes. Coinbase belongs to the Blockchain Association, while Binance does not.
Warren explicitly defines it as “wrong” for former government officials to leave their positions to work as lobbyists or consultants for private sector industries.
However, it is not clear why such a thing would be considered illegal, morally unacceptable, or ethically wrong. Evidently, Warren believes that she can decide what is right or wrong in the USA, and not the Parliament of which she is a part.
Warren’s requests on crypto regulation and terrorism to the entire industry
In the letter, the senator asks the association to provide answers to her questions, demanding that they be delivered by January 14th.
However, it is not clear why the association should be obliged to respond to her, and above all what punishment it should suffer if it does not do so within the arbitrarily established deadline set by the senator.
The questions it asks are four, but the first one has two sub-questions, and the second one has seven.
The first one concerns the number of former government officials who are now paid by the association.
With the second question, each of them requires providing accurate information.
The third question concerns any contacts the association had with these officials when they were still government employees.
The fourth one concerns the existence of an ethical code of the association that limits contacts with active government officials.
It is actually an interrogation, but not ordered by the judiciary.
The association’s response
The CEO of the association, Kristin Smith, responded (and she did it publicly).
Smith states that they share the common goal of fighting terrorism, but emphasizes that Senator Warren should focus her efforts on the perpetrators of the crime, not on those who work side by side with US law enforcement to capture criminals.
It also reveals that last month they invited Warren to their annual political summit in Washington, just a mile from her office, but she refused to attend.
Then he writes:
“Today’s letter is yet another disappointing step taken by Senator Warren to discredit our industry and the people who are working to build a more inclusive financial system and user-centered Internet.”
They conclude by saying that the members of the association will continue to engage constructively in Washington, participating in the legislative process so that the crypto community can continue to build the technology that will reform legacy systems.
In other words, it does not say that they will provide the senator with the information she has so urgently requested.
Elizabeth Warren
Elizabeth Warren is now 74 years old, and has been a senator for ten years.
Until 1996 he was a member of the Republican Party, then that year he switched to the Democratic Party. Democrats are currently the biggest critics of cryptocurrencies in the US political landscape.
Before entering politics, Warren was a university law professor, so much so that her specialization in politics is consumer protection, in addition to fair economic opportunities and the social safety net.
It is evident that what she is trying to do is primarily electoral propaganda in view of next year’s elections. The fact that she is only a normal senator, without official operational roles, gives a good idea that her initiatives are private, most likely aimed at obtaining personal consensus.
For example, the proposal for crypto regulation that has recently been presented does not seem to have even remotely the support of the majority of the Senate to actually succeed. It is also primarily a propagandistic initiative.
Evidently, Warren believes that crypto media terrorism can help her win votes, but to date, it is mainly the Republicans who are considered to have an advantage over the Democrats for next year’s elections.
