Crypto advocacy group Blockchain Association has responded to a letter from Elizabeth Warren that the senator wrote to the group in December, alleging that the digital asset industry was trying to undermine the government by recruiting former US lawmakers and officials.
In December, Warren referenced a Politico report that claimed the Blockchain Association and other industry players were recruiting a “small army” of officials to counter the Biden administration’s efforts to address perceived problems with the crypto space to circumvent.
In a new letter, Blockchain Association CEO Kristin Smith says ex-government officials have chosen to work in the crypto sector because the industry’s values overlap with theirs.
“After leaving government, these officials could have chosen from numerous, well-deserved professional opportunities. But they were drawn to work in the emerging digital asset industry because they value freedom and creativity, the sovereignty of the individual and illicit innovation.
We believe that crypto values are American values. Blockchain technology has demonstrated the potential to improve financial inclusion, put control of user data back in the hands of individuals rather than large corporations, and provide new wealth-building opportunities beyond Wall Street through direct ownership of assets.”
Smith also says crypto has the power to address Warren’s expressed concerns about the encroaching power of big banks over Americans.
“We also believe this technology has the ability to disrupt or otherwise compete with the ‘Too Big To Fail’ gatekeepers who have proven time and time again their intent to put profits before people. At its core, crypto technology reflects and enhances the fundamental values that are integral to our country.”
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