Elizabeth Warren, the Senator of the United States, has expressed criticism against the Blockchain Association’s usage of ex-security officials in order to push back against her attempts to relate cryptocurrencies to funding for terrorism.
Warren was able to claim that the comfort with which officials can manage to leave their government positions to work like lobbyists display the major gaps in the ethics laws of the country.
The CEO of Blockchain Association, Kristen Smith, has motivated Warren, as well as her supporters, to actually direct their primary attacks on the perpetrators of crimes instead of the ones who are working closely with U.S. law enforcement.
Crypto Industry’s Alleged ‘Abuse of the Revolving Door’
Warren’s rejection of Blockchain Associations’s efforts was released only days after her recent anti-cryptocurrency bill was able to win bipartisan support.
According to Bitcoin.com News, the Digital Asset Anti-Money Laundering Act of Warren is endorsed by multiple organizations like the National District Attorneys Association, Global Financial Integrity, Transparency International U.S., Massachusetts Bankers Association, and Bank Policy Institute.
The senator based in Massachusetts has taken offense in her letter. She is mad at the ability of the crypto industry to actually secure the different services of the ex-members of Congress. At the time, the Senator was also able to describe the industry’s whole “abuse of the revolving door” as absolutely unacceptable.
The Gap In The Laws Of Ethics:
As per Warren, the comfort of the officials based in the United States can easily leave their positions in the government to actually work as advisers or lobbyists for private organizations, highlighting the main gap in the ethics laws of the country.
In this context, Warren said, “This is wrong. Americans should be confident that government officials are working on their behalf rather than auditioning for high-paid lobbying jobs or abusing the connections that they have made in government service to influence members of Congress and regulators after they have made a trip through the revolving door.”
While the U.S. Congress members were able to introduce legislation to close or restrict loopholes in the laws of ethics, Warren mentioned that she wants the whole Association to give her the details of the members of Congress, civilian government officials, and former military members on their behalf.
She also wanted the details of their interactions and activities with Biden’s administration officials.