Ex-US Representative Maloney Pledges to Disengage from Crypto Affairs if Appointed OECD Ambassador
Summary:
Former US House representative Sean Patrick Maloney plans to discontinue his involvement in cryptocurrency-related matters if confirmed as the US representative to the OECD. This comes in light of President Joe Biden shortlisting Maloney as an ambassador to OECD in May 2023. Concurrently, he will resign from his position on Coinbase’s Global Advisory Council. These steps fall in line with a pledge to Senator Elizabeth Warren, underlining his commitment to strict ethical standards, including not accepting job offers from crypto firms for four years after his possible OECD term.
As per a recent report by Politico, former US House representative Sean Patrick Maloney has indicated his intent to halt his involvement in cryptocurrency-related matters if appointed as the US spokesperson for the Organization for Economic Cooperation and Development (OECD). The February 14th report mentions that on February 9, Maloney had assured Senator Elizabeth Warren of Massachusetts that if his nomination is finalized, he would step down from his advisory role in the private sector and abstain from making decisions that could influence cryptocurrency regulations within the OECD.
In May 2023, President Joe Biden shortlisted Maloney as his preferred choice for the OECD ambassadorship role. Simultaneously, Maloney, previously the representative of New York’s 18th congressional district, made his way into the Global Advisory Council of Coinbase. Senator Warren, in December 2023, drew attention to the open-door policy practiced by pro-cryptocurrency institutions such as the Coinbase council, which habitually hire former government functionaries, Maloney included.
Cryptocurrency firms are investing heavily to rope in ex officals from defense and law enforcement sectors, with the aim to resist any new regulations that could interrupt cryptocurrency-financed activities, including terrorism. This open-door practice potentially bolsters the cryptocurrency market but places national security at risk.
As reported by Politico, the past representative from New York showed readiness to voluntarily adhere to robust ethical norms, vowing not to entertain job or directorship offers from cryptocurrency companies for a period of four years after his probable term at the OECD. As of January 24, Maloney's appointment was up for consideration on the US Senate calendar, insinuating an impending vote.
Coinbase, facing a lawsuit slapped by the US Securities and Exchange Commission in June 2023, enhanced its global advisory council with four national security experts. Cointelegraph sought to get a reaction from Coinbase and Senator Warren but did not receive any response till the time of releasing the report.
Senator Warren is a prominent advocate for a legislative proposal in the US Congress aimed at thwarting the illegal usages of digital currencies, especially in money laundering and terrorist financing. A number of crypto advocacy groups have lambasted the legislation, titled the Digital Asset Anti-Money Laundering Act, for granting excessive enforcement powers and potentially pushing cryptocurrency businesses out of the United States. Coinbase, however, is projected to emerge victorious, as per MetaLawMan in X Hall of Flame magazine.
Published At
2/14/2024 11:40:38 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.