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30 Mar 2023

Conservatives slam Republican for work with Elizabeth Warren on crypto

Conservatives slam Republican for work with Elizabeth Warren on crypto

A trio of conservative groups are holding Sen. Roger Marshall’s, R-Kan., feet to the fire over his work on digital asset legislation with Democratic Sens. Elizabeth Warren, D-Mass., and Chris Van Hollen, D-Md.

“We are extremely disappointed in your effort to attack digital asset companies,” the Club for Growth, Americans for Tax Reform and FreedomWorks said in the letter, which was shared first with The Block. “Why are you supporting new, big government regulation?”

Marshall, who sits on the Senate Agriculture Committee that oversees the Commodity Futures Trading Commission, co-authored anti-money laundering legislation specific to digital assets last year with Warren. The Massachusetts Democrat pledged last month to reintroduce the bill with him. The Kansas senator has been one of the more vocal Republican critics of digital assets, also joining Warren in inquires to Silvergate Bank and Binance in recent months. 

The conservative groups claim Marshall’s efforts “are likely to encourage digital asset companies to move outside of the U.S.’s jurisdiction.” The letter also pointed to the recent collapses of Silicon Valley Bank and Signature Bank, saying that Marshall, Warren and Van Hollen are trying to “prevent and slow alternative vehicles for investment” with their crypto policy moves.

“Millions of Americans hold digital assets and they should not be punished because of Washington’s long history of serving the banking lobby,” the groups said. The letter was signed by Club for Growth President David McIntosh, FreedomWorks President Adam Brandon and Americans for Tax Reform President Grover Norquist. 

The letter comes after Marshall, Warren and Van Hollen penned their own letter slamming the world’s largest crypto exchange, Binance, claiming the company has “purposefully evaded regulators” and “cast serious doubt on the stability and legitimacy” of its business. Weeks later, the Commodity Futures Trading Commission sued Binance for allegedly violating its own compliance protocols and operating illegally in the United States. 

Marshall's office did not immediately respond to a request for comment. 

Conservative groups have become more active on digital asset issues in recent years. During the last election cycle, the Club for Growth launched a pair of crypto-focused super PACs, which can raise and spend unlimited funds. FreedomWorks hosted a cryptocurrency conference at its Washington, D.C. headquarters last fall and the libertarian-leaning Americans for Tax Reform often weighs in on crypto issues. 

For her part, Warren embraces her role as a crypto critic. The Massachusetts lawmaker launched her reelection bid this week, touting a headline that says she is “building an anti-crypto army.”

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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