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Senator Elizabeth Warren again pushes back at lobbying efforts by the crypto industry amid her anti-crypto bill scapegoating crypto for terrorism financing. Crypto companies are spending millions to build an army of former defense and law enforcement officials to lobby against recent rules, argues Elizabeth Warren on Wednesday.
The crypto community has been lobbying recently for clarity on crypto regulations and not bills to kill the crypto industry in the US.
Elizabeth Warren Opposes Crypto Lobbying Efforts
Senator Elizabeth Warren took to X (formerly Twitter) attacking the crypto companies again for their lobbying efforts. She argues that crypto companies are spending millions to build an army of former defense and law enforcement officials. “This revolving door boosts the crypto industry, but endangers our national security.”
She believes these former defense and law enforcement officials were hired especially by crypto firms to lobby against a new bipartisan bill deterring crypto-led terrorism financing. However, crypto exerts backlash against Senator Elizabeth Warren as the bill could kill crypto, thwarting innovation in the country.
Crypto firms founders and advisors including Tether and VanEck advisor Gabor Gurbacs reacted to Warren’s post, questioning the lack of regulatory clarity and her building an army to lobby against innovative technology.
Meanwhile, Senator Roger Marshall, GOP frontman of the crypto ban bill, revealed that the American Bankers Association has helped draft the Digital Asset Anti-Money Laundering Act.
Read More: Elizabeth Warren Targets Former Officials Amid Crypto Legislation Accusations
Senator Elizabeth Warren continued to scapegoat crypto for bank failures, terrorism financing, and others. Early this year, Warren blamed crypto for bank failures and has a potential role in Operation Choke Point 2.0. She blames crypto for the Israel-Hamas Conflict and tried even cutting ties between crypto and Wall Street.
John Deaton, an attorney representing 75K XRP holders, earlier condemned Senator Elizabeth Warren and SEC Chair Gary Gensler of corruption and malfeasance.
The crypto bill is a nuisance for the crypto industry, Galaxy Digital CEO Mike Novogratz said “We must throw out the populists and replace them with a group of leaders who want to get things done.”
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