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Crypto Industry Is 'Absolutely' at War Against Gensler and Warren, Blockchain Association CEO Smith Says
The war won't last forever, but probably will continue for the next 18-20 months, Kristin Smith said.
By Aoyon Ashraf
Updated May 1, 2023, 1:56 p.m. Published Apr 28, 2023, 9:57 p.m.
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AUSTIN, Texas – The crypto industry is "absolutely at war" against policy and lawmakers in the U.S., particularly against Securities and Exchange (SEC) Chairman Gary Gensler and Senator Elizabeth Warren (D-Mass.), Blockchain Association CEO Kristin Smith said during a panel Friday at Consensus 2023.
"Elizabeth Warren has an anti crypto army. She is advertising on Twitter for her campaign, that she has an anti-crypto army," Smith said during "Beltway Confidential: Inside the D.C. Crypto Scene."
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Sen. Warren's controversial Digital Asset Anti-Money Laundering Act (DAAMLA) was originally introduced in December and did not go anywhere. It was met with little fanfare and considerable criticism.
Read full coverage of Consensus 2023 here.
Smith, however, provided a glimmer of hope for the industry during the panel, saying that a pro-crypto "army," including the Blockchain Association, are fighting "in Washington every day" for the industry. "There's a reason that Elizabeth Warren has stalled her bill [and] that's because she lost co-sponsors," Smith said. "And that was because of the lobbying effort and education effort that went on" from the pro-crypto groups."
Read more: 4 Reasons Why US Lawmakers Shouldn’t Back Sen. Warren’s Latest Crypto Bill
"So we're fighting. I don't think this is a war that lasts forever, but we're going to probably be at war for the next 18 to 20 months," Smith added.
Read more: SEC Chairman Gensler Releases Another Video Dig at Crypto Industry
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Crypto mining can help energy volatility, Paradigm responds to policy onslaught
As U.S. lawmakers consider limits on data and mining facilities because of energy usage, the industry wants to explain that their crypto worries are unfounded.
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- Crypto investment firm Paradigm has a response to recent policymaker efforts to target bitcoin mining, arguing in a report that they're missing the point.
- Bitcoin miners need cheap electricity and can use it as off-peak times and from inexpensive, renewable sources, according to Paradigm, which has an investment stake in miner Genesis Digital Assets.
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