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Blockchain Association CEO Replied Over Sen. Elizabeth’s Concerns

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In response to Senator Elizabeth Warren’s recent scrutiny of government hires within the crypto industry, the Blockchain Association issued its statement on January 10, 2024, denying the claims and defending its regulatory matters. 

Warren earlier raised concern over the crypto industry and companies, including Blockchain Association, purportedly recruiting former defense and law enforcement personnel to undercut congressional attempts to address cryptocurrencies’ suspected involvement in illicit activities.  

Responding to Warren’s question in the letter, CEO Kristin Smith of Blockchain Association stated that although the organization does not purposely recruit employees with the specified work background, the company is proud to have law enforcement and other employees similar to these backgrounds. 

Kristin stressed that these experts’ respect for freedom, creativity, individual sovereignty, and permissionless innovation led them to opt to work in the digital asset industry following their departure from government organizations. 

The response letter further sheds light on how these experts share their in-depth knowledge with the association to understand the market more quickly and conveniently. Warren has developed her image as a vocal opponent of digital assets in the United States.   

She actively supported dozens of proposals, suggesting a ban on using cryptocurrencies in illegal activities such as money laundering and terror funding.  

CFTC on Decentralized Finance (DeFi)

The Commodities Futures Trading Commission (CFTC), the regulatory body overseeing futures, swaps, and options in the United States, said in a study released on January 8, 2023, that lawmakers should devise a means of identifying the participants in DeFi (Decentralized Finance).  

The study recommends that governments identify and prioritize projects that pose the most risk and concentrate on digital identification, know your customer (KYC), anti-money laundering (AML) regulations, and DeFi’s privacy calibration. 

Crypto Market Overview

The posts for the temporarily hacked X accounts of the SEC have stirred the entire market; the cryptocurrency market has been very volatile since Tuesday.

Although the message was removed shortly after it was published, it caused a brief spike in Bitcoin to $48,000 and a steep decline to $45,000.

This has led to the liquidation of almost $90 Million in long and short Bitcoin (BTC) positions, underscoring the possible hazards of manipulation and volatility in the cryptocurrency space.

At the time of writing, Bitcoin was trading at $45,002 with an intraday decline of 3.58%. Most importantly, its trading volume reflected a steep decline of 3.32% in the past 24 hours.  


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