Blockchain Association to Elizabeth Warren: Crypto Can Potentially Disrupt or Compete With ‘Too Big to Fail’ Banks

Blockchain Association to Elizabeth Warren: Crypto Can Potentially Disrupt or Compete With ‘Too Big to Fail’ Banks

The Blockchain Association has rejected U.S. Massachusetts Senator Elizabeth Warren’s claims that former security officials collaborating with it seek to weaken the country’s “ability to catch and prosecute America’s enemies.” According to the nonprofit organization, ex-U.S. security officials chose to join the Blockchain Association because they “value freedom and creativity, sovereignty of the individual, and permissionless innovation.”

Blockchain Association Does Not Employ Former U.S. Security Officials

The Blockchain Association has responded to U.S. Senator Elizabeth Warren’s allegations that former U.S. security officials collaborating with the lobby group seek to weaken the country’s “ability to catch and prosecute America’s enemies.” In its response to Warren’s Dec. 18 letter, the nonprofit membership organization clarified that it does not “currently employ anyone with the credentials listed” by the Massachusetts Senator.

2/ First, here’s our full response to Sen. Warren. I encourage you to read it. I think it’s a good summary of what our members are working on, what they care about, and why they’re so engaged in D.C.https://t.co/yFasbRO0ic pic.twitter.com/L4AxhqtEnd

— Kristin Smith (@KMSmithDC) January 9, 2024

Instead, the nonprofit organization counts many former U.S. military, national security, intelligence officers, and law enforcement professionals as its members. As reported by Bitcoin.com News in late December 2023, Warren’s letter expressed concern over the Blockchain Association’s employment of a “small army” of former security officials.

She also lamented what she sees as gaps in the country’s ethics laws which make it possible for former officials to easily secure employment in the private sector immediately after leaving government. The U.S. politician has since asked the Blockchain Association to share details of the former officials’ work on its behalf.

However, in a letter authored by the Blockchain Association’s CEO Kristin Smith, the nonprofit organization explains why former officials have chosen to work in the crypto space instead of more lucrative ventures.

“After leaving government, these public servants could have chosen from myriad, well-deserved professional opportunities. But they were drawn to work in the emerging digital asset industry because they value freedom and creativity, sovereignty of the individual, and permissionless innovation,” the nonprofit organization said.

Crypto Best Positioned to Challenge ‘Too Big to Fail’ Bank

The Blockchain Association also defended its ongoing efforts to prevent Senator Elizabeth Warren’s attempts to pass anti-crypto laws, stating that “crypto values are American values” hence they must be protected. The organization also believes that crypto has a realistic chance of disrupting or competing with the “Too Big to Fail” banks.

On the terrorism-fighting front, the nonprofit organization said that the transparency and traceability of blockchain technology can help enhance the capabilities of tools used by serving national security professionals. The Blockchain Association’s letter added:

“For this reason, it is far better to build the next generation of financial technology on public blockchains than it is to continue patching opaque legacy systems that have already proven wholly insufficient at combating money laundering and terrorist financing.”

What are your thoughts on the Blockchain Association’s letter? Let us know what you think in the comments section below.