The Blockchain Association has issued a public statement in response to Senator Elizabeth Warren’s recent criticism of the crypto industry’s hiring practices. The Association’s CEO, Kristin Smith, addressed Senator Warren’s concerns and expressed a willingness to engage in open and transparent discussions.
In her letter, Smith emphasized that many former military, national security, intelligence officers, and law enforcement individuals have chosen to work in the digital asset industry because they value freedom and creativity. She argued that the industry’s values align with American values and highlighted the potential of blockchain technology to enhance financial inclusion and provide new wealth-building opportunities.
Furthermore, Smith questioned the cost-effectiveness of enforcing the Bank Secrecy Act within the crypto industry, suggesting that the expenses would outweigh any benefits. She asserted that the Association and its members have the right to exercise their Constitutional rights by petitioning the government and speaking freely on the issue.
This public response follows Senator Warren’s previous letters to crypto advocacy groups, in which she expressed concerns about the financing of terrorist organizations through crypto and criticized the potential influence of government officials who are involved in digital asset lobbying while still holding office. Senator Warren has been a vocal critic of the crypto industry and reintroduced the Digital Asset Anti-Money Laundering Act last year, seeking to extend regulatory requirements to various crypto companies and prohibit the use of anonymity-enhancing technologies in transactions.
While the Association’s response maintains a respectful tone, it diverges from Senator Warren’s concerns and emphasizes the positive aspects of the crypto industry. It highlights the industry’s commitment to American values and its potential to revolutionize traditional financial systems. By addressing these concerns, the Blockchain Association aims to foster a constructive dialogue and partnership with policymakers to ensure the responsible development of the crypto industry.
The source of the article is from the blog lokale-komercyjne.pl