Elizabeth Warren Takes on Crypto Lobbying and Surveillance, Shaking Up the Industry

Senator Elizabeth Warren has targeted the cryptocurrency industry's employment of former defense, national security, and law enforcement officials, demanding details from Coinbase, the Blockchain Association, and Coin Center. Warren cited concerns over the industry's association with experts as it faces scrutiny for facilitating financial crime, including funding the recent Hamas attacks in Israel. She accused the industry of using the revolving door to give itself legitimacy while resisting regulations to restrict crypto's use in terror financing. Warren's move escalates her push for a crackdown on the industry, as she seeks bipartisan support for legislation imposing anti-money laundering safeguards. Crypto firms argue that the concerns are exaggerated and that former officials are hired to enhance legal compliance.