Blockchain advocacy group, the Blockchain Association, has responded to Senator Elizabeth Warren’s claims that the digital assets industry is attempting to undermine the government by recruiting former US lawmakers and officials. In December, Warren referred to a Politico report that suggested the industry was building a “small army” of officials to bypass the Biden Administration’s efforts to address perceived issues with cryptocurrencies.
In a letter from CEO Kristin Smith, the Blockchain Association defends the involvement of ex-government officials in the crypto industry, citing shared values as the driving force behind their decisions. Smith emphasizes that these individuals were drawn to the emerging digital asset industry because of its commitment to freedom, creativity, individual sovereignty, and permissionless innovation. The association believes that the values promoted by the crypto space align with American values and have the potential to enhance financial inclusion, restore control of user data to individuals, and create new opportunities for wealth generation outside of traditional financial institutions.
The letter also highlights how cryptocurrency can address Warren’s concerns about the power and influence of big banks. The Blockchain Association asserts that crypto technology has the ability to disrupt and compete with “Too Big To Fail” banks, which have a history of prioritizing profits over people. By its very nature, cryptocurrency reflects and enhances fundamental values that are integral to the United States.
The response from the Blockchain Association underscores the importance of understanding the role and potential benefits of cryptocurrency in today’s financial landscape. While political concerns may arise, it is crucial to recognize the potential of crypto to challenge traditional power structures and promote financial inclusivity. As the industry continues to evolve, open dialogue between regulators and advocacy groups will be essential to ensure the development of regulations that strike a balance between protecting investors and fostering innovation.
The source of the article is from the blog reporterosdelsur.com.mx