Jerry Brito, the executive director of Coin Center, has refuted Senator Elizabeth Warren’s claim in a letter, asserting that the organization does not hire former government personnel with malicious intentions and maintaining that it is under no obligation to address questions beyond what is publicly disclosed.
“With respect, we have no obligations to answer these questions beyond the public disclosures we make under law,” he stated.
Head of Coin Center Refutes Senator Warren’s Letter
Brito, in a letter to Warren, refutes allegations that Coin Center, a non-profit dedicated to policy initiatives in the crypto industry, is subverting government authorities. Additionally, the Coin Center director contends that Senator Warren’s recent proposals for new laws concerning digital assets are complicated and serve to impede the industry collectively.
“To your specilic accusation that we are undermining bipartisan legislation, the reason we oppose the bills you cite (the CANSEE Act and your own Digital Asset Anti-Money Laundering Act is that they are not “common sense rules” as you style them, but are instead unfair, unworkable, and most importantly, unconstitutional proposals.”
Despite the crypto industry’s resistance to Warren’s AML laws, an increasing number of government officials are endorsing the legislation.
Last month, five additional United States Senators expressed their support for Warren’s AML laws. Senators Warnock, Butler, and Van Hollen, members of the Senate Banking, Housing, and Urban Affairs Committee, recently joined the bill. Simultaneously, Senators John Hickenlooper and Ben Ray Luján joined as cosponsors.
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Meanwhile, in the letter, Brito asserts that the organization persists in advocating for sound regulation within the cryptocurrency industry.
“As for bipartisanship, we are proud of the work we have done to find solutions that advance sound regulation for cryptocurrency businesses while preserving the freedom to innovate,” he stated.
Given the nature of crypto and borderless transactions, for regulations to be efficient, it must be done as a global cohort. In September 2023, Finance Minister Nirmala Sitharaman of India suggested that there are ongoing discussions worldwide regarding crypto regulations, with countries engaging in active communication.
Senator Warren Continues to Call Out Crypto Industry
In December 2023, Warren asserted that several crypto companies actively engaged with government officials during their tenure. Subsequently, there is a possibility of job offers materializing for them once they conclude their current positions.
In December 2023, BeInCrypto reported that Warren sent a letter to Kristin Smith, CEO of the Blockchain Association. She discouraged the hiring of former government officials for crypto advocacy in their push for regulations.
“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.”
However, she claims the crypto industry’s response appears focused on resisting new regulations.
Furthermore, it claims its tactic has been leveraging former government officials. Additionally, it alleges that Coinbase and the Blockchain Association showcased figures like former Defense Secretary Mark Esper and counterterrorism adviser Frances Townsend.
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Source: https://beincrypto.com/coin-center-senator-warren-cryptocurrency/