Sen. Elizabeth Warren criticizes lobbying groups Blockchain Association and others for attempting to stop terror groups from using cryptocurrency for financing themselves.

Sen. Elizabeth Warren (D-Mass.) wrote to lobbying groups Blockchain Association, Coin Center, and Coinbase, claiming that attempts to lobby the U.S. Congress to stop Hamas and other terror groups using cryptocurrency to finance themselves are an affront to lawmakers in what Politico called a "not-so secret weapon."

That story, however, about crypto giving material help to Hamas, has been refuted. Blockchain analytics companies dispute the assertions made by the Wall Street Journal about significant cryptocurrency investments, which Warren references in her letter. They assert that the true amount of funding is in the thousands of dollars, not the tens of millions.

Coin Center claimed, whether true or not, that uniting like-minded individuals to protest laws is an expression of the fundamental right to petition the government and form free associations.

Senator Warren, in the letter, attacked the "revolving door" that the sector employs to "give itself a veneer of legitimacy."  Warren stated that the business is putting up a fierce fight against reasonable regulations aimed at limiting the use of cryptocurrency for financing terrorism, as these regulations may reduce the earnings of cryptocurrency companies.

Inquiring about the employment of former public servants by cryptocurrency companies, Warren expressed concerns regarding the "revolving door" phenomenon in which public officials transition into private sector positions, potentially impacting legislation and regulatory actions concerning cryptocurrency, money laundering prevention, and terrorist financing.