A strong response came from Coin Center to US Senator Elizabeth Warren’s sharp letter. Coin Center opposed Warren’s proposals and criticisms of digital currency regulations, calling for the adoption of more effective regulations.
US Senator Elizabeth Warren, who is known for her harsh criticism of cryptocurrencies and most recently found the SEC’s Bitcoin ETF decision negative, came face to face with the advocacy group Coin Center.
Warren wrote a scathing letter to the crypto industry in December, specifically calling on crypto exchange Coinbase and various industry groups to question allegations that former defense and law enforcement officials were hired to undermine Congressional efforts. He also requested information questioning the impact of crypto use on terrorist financing by organizations, including Hamas, among terrorist groups.
“We Don’t Have to Answer the Questions…”
Coin Center gave an equally harsh response to Warren’s concerns and the letter, stating that it had no obligation to answer Warren’s questions and that participation in public policy discussions did not mean undermining Congressional efforts.
Coin Center argued that the bills, which Warren called common sense, were unfair, impractical and unconstitutional, and that they should not support these bills.
The organization also stated that Warren’s proposals regarding the use of crypto by organizations such as Hamas would be ineffective, wasting time and energy that could be spent on proven approaches to preventing terrorist financing.
“If there’s a gap, it’s in enforcement, and if you really care about the effectiveness of counterterrorism efforts, you need to provide more funding for FinCEN (Financial Crimes Enforcement Network), FBI (Federal Bureau of Investigation) and DOJ (U.S. Department of Justice) crypto enforcement units, and the like. “You work for it.”
