9 months ago
The Blockchain Association formally responded to Senator Elizabeth Warren‘s disapproval regarding the crypto industry’s recruitment of erstwhile authorities officials.
The relation said that these erstwhile officials chose to articulation an emerging manufacture of their ain volition and slammed the legislator for questioning the motives of radical who had spent years defending the U.S. and its ideals of freedom.
The effect follows Senator Warren’s concerns, expressed successful a missive dated Dec. 18, 2023, astir the imaginable struggle of involvement and undermining of legislative efforts related to integer assets.
Crypto aligns with freedom
The Blockchain Association, led by CEO Kristin Smith, said the worth erstwhile military, nationalist security, quality officers, and instrumentality enforcement professionals bring to the integer plus industry.
Smith said that these individuals, upon leaving authorities service, were attracted to the integer plus manufacture owed to its alignment with principles similar freedom, creativity, and idiosyncratic sovereignty.
She argued that the ethos of blockchain exertion and crypto values resonates profoundly with American values, peculiarly successful enhancing fiscal inclusion and offering caller avenues for wealthiness gathering extracurricular of accepted Wall Street structures.
Smith conceded that immoderate of Warren’s concerns could beryllium valid and highlighted the value of unfastened and transparent discussions to code them.
Digital Asset Anti-Money Laundering Act
Smith besides spoke astir the projected Digital Asset Anti-Money Laundering Act, which Senator Warren reintroduced astatine the extremity of past year.
The Act aims to widen the regulations of the Bank Secrecy Act, including know-your-customer (KYC) rules, to assorted participants successful the cryptocurrency industry, specified arsenic miners, validators, and wallet providers.
Smith expressed concerns astir the implications of these rules and argued that enforcing these regulations connected idiosyncratic participants and users of the integer plus manufacture could pb to important costs, which mightiness beryllium disproportionate erstwhile compared to the imaginable benefits of specified regulations.
The relation believes that this could stifle innovation and maturation wrong the integer plus sector. Smith wrote that the crypto manufacture needs a much balanced attack to regulation, and legislators indispensable prosecute with the manufacture successful an unfastened and transparent mode to find optimal solutions.
Smith added that over-regulation could hinder the imaginable of blockchain exertion successful areas similar fiscal inclusion and the democratization of plus ownership.
The station Blockchain Association defends crypto hiring practices successful ceremonial effect to Senator Warren appeared archetypal connected CryptoSlate.
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