Share this article
Elizabeth Warren Pushes Back at Blockchain Lobbying Efforts
Responding, Coin Center noted the "fundamental right to freely associate and petition the government."
Updated Mar 8, 2024, 6:51 p.m. Published Dec 19, 2023, 10:29 a.m.
Make us preferred on Google
Efforts to lobby the U.S. Congress, in what Politico called a "not-so secret weapon," is an affront to lawmakers attempting to stop Hamas and other terror groups using crypto to finance themselves, Sen. Elizabeth Warren (D-Mass.) said in a letter to lobbying groups Blockchain Association, Coin Center and Coinbase.
"I write regarding a troubling new report that your association and other crypto interests are … [working] to undermine bipartisan efforts in Congress and the Biden Administration to address the role of cryptocurrency in financing Hamas and other terrorist organizations," Warren wrote.
STORY CONTINUES BELOW
The narrative that crypto provides material support to Hamas, however, has been contested. Blockchain analytics firms contest the Wall Street Journal claims of extensive crypto funding that Warren cites in her letter, saying the actual amount is in the thousands of dollars rather than tens of millions.
Disproven or not, Coin Center said in its own statement that getting like-minded folks together to advocate against legislation "is the exercise of the fundamental right to freely associate and petition the government."
"No one should apologize for doing it," Coin Center continued. "Resorting to questioning motives often reflects an inability to prevail on the merits of an argument itself."
We got the Sen. Warren letter too. Here's what we said:
— Neeraj K. Agrawal (@NeerajKA) December 19, 2023
Engaging like-minded experts to advocate against legislative proposals that one sincerely believes are unconstitutional and detrimental to the nation's welfare does not constitute 'undermining bipartisan efforts in… https://t.co/MTKDZlMME3
Revolving doors and ethics
In the letter, Senator Warren took aim at a "revolving door" that the industry uses to "give itself a veneer of legitimacy."
[The industry] is "fighting tooth and nail to stonewall common sense rules designed to restrict the use of crypto for terror financing – rules that could cut into crypto company profits," Warren wrote.
Warren asked for information on the employment of former government officials by crypto firms, highlighting concerns about the "revolving door" of public officials moving into private-sector roles and potentially influencing legislation and regulatory activities related to crypto, anti-money laundering and terrorist financing.
Nearly two-thirds of former members of the 115th U.S. Congress, which ended in January 2019, found employment outside politics, with many influencing federal policy through lobbying or strategic consulting jobs, a 2019 study from Public Citizen found.
Correction (Dec. 19, 2023, 17:05 UTC): Corrects that Coinbase received the third letter.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Ukraine banned Polymarket and there’s no legal way for it to come back
Polymarket and similar platforms are considered unlicensed gambling operators, leading to blocked access.
What to know:
- Ukraine has no legal framework for Web3 prediction markets, and current legislation provides no recognition for such platforms.
- Polymarket and similar platforms are considered unlicensed gambling operators, leading to blocked access.
- Legal changes are unlikely in the near future, as Parliamentary revisions to gambling definitions are extremely improbable during wartime, leaving prediction markets in a legal deadlock.
Top Stories
