Blockchain Association Responds to Elizabeth Warren, Says Crypto Can Disrupt ‘Too Big To Fail’ Banks

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 assets industry was trying to undermine the government by recruiting former US lawmakers and officials.

In December, Warren referred to a Politico report that claimed that the Blockchain Association and other players of the industry were recruiting a “small army” of officials to circumvent the Biden Administration’s efforts to address perceived problems with the crypto space.

In a new letter, Blockchain Association CEO Kristin Smith says that ex-government officials have chosen to work in the crypto because the industry’s values overlap with theirs.

“After leaving government, these public servants could have chosen from myriad, well-deserved professional opportunities. But they were drawn to work in the emerging digital asset industry because they value freedom and creativity, sovereignty of the individual, and permissionless innovation.

We believe crypto values are American values. Blockchain technology has demonstrated the potential to enhance financial inclusion, put control of user data back in the hands of individuals instead of large corporations, and provide new wealth-building opportunities outside of 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 gatekeeper “Too Big To Fail” banks who have proven time  and again their intention to put profits over people. At its core, crypto technology reflects and enhances fundamental values integral to our country.”

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