Washington, D.C. (Jan. 9, 2024) – Today, Blockchain Association responded to Sen. Warren’s Dec. 18, 2023 letter on the subject of former national security officials lending their experience and expertise to bolster the digital asset industry’s anti-money laundering and counter-terrorism efforts.
Blockchain Association is the leading nonprofit membership organization dedicated to promoting a pro-innovation policy environment for the digital asset economy. The Association represents more than 100 member companies operating in the United States. Our member companies believe that it is in the best interests of the United States for the digital asset industry to develop on American soil, and have committed to engaging with and educating our elected officials and key regulators to explain the purpose and future of this technology.
Our response to Sen. Warren’s letter outlines the inherent benefits that open blockchain networks provide to law enforcement agencies as they track the global flow of illicit funds. Additionally, we highlight the manner in which the fundamental values of crypto technology – openness, privacy, and financial inclusion – are supportive of core American values, a fact that should be celebrated. Finally, we describe the potential costs of Sen. Warren’s counterproductive legislative approach, including the likelihood that her proposals would push the digital assets industry out of the U.S. to jurisdictions where American authorities have less oversight and ability to intervene on behalf of everyday consumers.
The Association respectfully encourages Sen. Warren, her staff, and every U.S. Congressional office to read our full response here.