Summary
Crypto advocacy group Coin Center has responded to a letter from Senator Elizabeth Warren, refusing to answer her questions or back down from its work. Warren had accused the group of hiring former government officials to undermine legislative efforts. Coin Center argued that the bills proposed by Warren were unfair, unworkable, and unconstitutional, and that opposing them was their patriotic duty. The group also stated that Warren’s proposals would be ineffective in addressing the use of crypto by terrorist organizations and suggested focusing on enforcement and funding for relevant agencies instead. Coin Center concluded by expressing a willingness to engage in “honest, respectful policy discussions” in the future.
Key Points
1. Crypto advocacy group Coin Center refused to answer Sen. Elizabeth Warren’s questions about hiring former government officials and stood firm in its work, despite Warren’s accusations of undermining legislative efforts.
2. Coin Center argued that the bills proposed by Warren, which she described as common sense rules, are unfair, unworkable, and unconstitutional. The group stated that it opposes these bills and believes it has a patriotic duty to oppose an expansion of surveillance that is deemed unconstitutional.
3. Coin Center criticized Warren’s proposals to address the use of cryptocurrency by organizations like Hamas, stating that they would be ineffective and instead suggested focusing on enforcement and securing more funding for agencies like FinCEN, the FBI, and DOJ’s crypto enforcement units. The group expressed its support for bipartisan efforts to understand and address the role of cryptocurrency in financing terrorist organizations.