Welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at the latest ravings by Senator Elizabeth Warren and he ongoing ludicrous claims that crypto is only beneficial in financing crime and terrorism.
Seriously, FUCK OFF Liz!!
The ever present and ever annoying Senator Elizabeth Warren has been back in the news once again, this time calling out what she notes as the growing cryptocurrency lobbying efforts in Washington. Warren has stated that all stakeholders should ensure an end is put to the lobbying and that support for regulations is the only thing that matters in what she states is an effort to clamp down on terrorist financing amid other concerns.
She did so in a addressed to the United States Blockchain Association, where Senator Warren outlined her extreme disappointment in the increased effort of lobbyists to "cripple attempts of the present administration" in tackling the flow of funds from crypto into terrorism and other ethical issues.
The letter, which is four pages in length, noted that according to Warren the blockchain association and other executives have deployed a team of former defense and national law enforcement officials to lead lobby efforts in Washington.
Page 1 of Senator Warrern's Letter
She cited the attack by Hamas against Israel on the 7th of October as a key component in her argument, going on to state that more information has come to light on how terrorist organizations are funded using digital assets. Warren noted that it has been the failure of cryptocurrency exchanges which has facilitated this as they have continuously failed to flag transactions going to terror groups and cybercriminals.
Page 2 of Senator Warrern's Letter
Given the serious nature of the allegations being made by Senator Warren, it is important to note that the allegations of millions of dollars worth of cryptocurrencies used to fund terrorist groups have been disproven by multiple on-chain analytics firms. A Wall Street Journal Report in October which noted that terrorist organizations were getting funding through digital assets in millions of dollars, which several firms such as Chainalysis have refuted by claiming the report is overstated. They have however called for efforts to stop all terror funding.
Senator Warren also noted that Congress was introducing several legislations which addressed anti-money laundering issues among other concerns. For now industry leads are focused on delaying or denying the nee rules in lobby attempts. This has included the likes of Coinbase, who have spent $2.16 million in crypto lobbying efforts to develop regulations to protect all parties.
Page 3 of Senator Warrern's Letter
Warren ended her letter by noting how the ethical issue of former policymakers jumping on private companies to drive legislation through Congress. She added that Congress has introduced legislation to eliminate the loopholes in present lobby laws, including the revolving door practice, but she also noted that citizens within the United States should be informed of the extent to which crypto firms are using the practice to fight efforts in anti-money laundering laws. She requested information on the number of former military, and civil servants employed by the association alongside their roles and related code of ethics for contacting former government officials.
Page 4 of Senator Warrern's Letter
While I understand the importance of regulations in the space, there is a limit for the amount of times one can listen to the ramblings of these senators. Yes the lobbying needs to be eradicated or at least minimized, but Warren should focus more on ensuring her facts are correct than constantly pushing her theories and agendas. Finding the balance is the requirement, not consistent slandering and tarnishing of the industry.
Have a great day.
CryptoGod-1.
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