Coin Center Refuses to Respond to Senator Warren’s Criticisms on Hiring Practices
Summary:
Coin Center has declined to address Senator Elizabeth Warren's criticisms regarding their hiring practices of former government officials. Warren penned a letter to Coin Center, Coinbase, and the Blockchain Association, accusing them of undermining bipartisan efforts to investigate the role of cryptocurrency in financing terrorist organizations. Although she acknowledged the hiring was legal, she highlighted the ethical gaps in the nation's laws. Coin Center defends its constitutional rights and argues that it isn't obliged to share their recruitment policies beyond what is legally disclosed. The cryptocurrency industry denounces Warren's efforts and reproaches her for using the American Bankers Association's lobbying group to draft anti-money laundering legislation.
Coin Center has given its reply to U.S. Senator Elizabeth Warren's letter which denounced its practice of engaging former government functionaries. Declining politely to address the queries raised by Senator Warren in her letter, Jeremy Brito, the Director of Coin Center said. Warren had earlier written to Coinbase, the Blockchain Association and Coin Center after a Politico feature alleging that the cryptocurrency exchange was appointing an entire cadre of ex-government and law enforcement personnel to lobby for it interests. Senator Warren decried this practice as "shocking" and stated these ex-officials were undermining bipartisan efforts in Congress and the Biden administration to investigate the use of cryptocurrency by Hamas and other terrorist groups.
Senator Warren's letter dated December 18 to Coin Center reveals that despite her displeasure with the hiring practices, she acknowledges that they are perfectly legal: “The engagement of former government officials exposes the deficiencies in the country's ethical laws. These loopholes enable ex-officials, including national security ones, to switch from their public service roles to becoming lobbyists or consultants for industrial sectors very interested in federal policies, and do so almost instantly after they leave office."
On receiving the letter, Brito labeled it a "intimidating, publicity-seeking spectacle". Coin Centre, like Coinbase and the Blockchain Association who had responded earlier declined to answer her questions regarding hiring practices.
In his response, Brito highlighted the advocacy group's constitutional rights: “We are not obligated to provide these answers beyond what we legally divulge to the public," and added, "Our constitutional democratic system not only relies on the adherence to the law, but also on maintaining norms of courtesy, constructive discussion and negotiation.”
Senator Warren's criticisms and her co-sponsorship of the Digital Asset Anti-Money Laundering Act with Senator Roger Marshall have been rejected by the crypto industry, which accuses the two of procuring the American Bankers Association's lobbying group to draft the legislation. The letters Warren sent were designed to undermine this legislation, which is one of two bipartisan bills introduced.
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Published At
1/15/2024 8:38:04 PM
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