The letter, which touts supposed law enforcement support for the Clarity Act, omits that many of those listed as law enforcement professionals are actively employed by the cryptocurrency firms that stand to profit from the bill’s passage.
The Revolving Door Project’s Executive Director, Jeff Hauser issued the following statement in response to the Blockchain Association’s deceptive letter:
“In response to honest concerns expressed by the National Sheriffs’ Association and a host of other law enforcement associations in early May regarding the Clarity Act’s woefully inadequate provisions to limit cryptocurrency’s use in money laundering, the Blockchain Association is attempting to hoodwink senators with a letter that fails even the most cursory examination. Rather than attempting to fix the issues outlined by the National Sheriffs’ Association and other law enforcement groups, the Blockchain Association is attempting to paper over these issues by releasing their own letter that touts the support of dozens of supposed “former national security, intelligence, and law enforcement officials.” What the letter conspicuously leaves out is any mention of why the signatories are former law enforcement officials. It is because, as first pointed out by Punchbowl News’ Brendan Pedersen, a significant percentage of them are currently employed by cryptocurrency firms that stand to profit immensely from the passage of the Clarity Act. The letter, signed by ostensibly concerned former law enforcement professionals without disclosure of their clear conflict of interest, should be given no more credence than any other product created in large part by paid lobbyists.”
“Instead of attempting to persuade current law enforcement officials about the supposed benefits of the bill, the Blockchain Association simply turned to employees of its member organizations to fill the signatory pages. The cryptocurrency industry is so assured of its complete control over the US Senate that it believes this farce is sufficient to assuage the concerns of senators who were alerted to the flaws of the Clarity Act by actual law enforcement officials. Perhaps it will be. But senators concerned about their constituents falling victim to scams and fraud ought to see right through this facade for what it really is: just another attempt to cover up the crypto industry’s rampant crime issue without addressing any part of it.”