Last week, US Senator Elizabeth Warren released an open letter accusing cryptocurrency companies of employing a small army composed of former officials from the Defense Department, National Security Agency, and law enforcement agencies, forming a “revolving door” system. This system is allegedly designed to resist regulation and undermine the efforts made by Congress and the Biden administration to address the issues surrounding cryptocurrencies. In her letter, Elizabeth Warren concluded that this practice poses a significant threat to the stability and integrity of the financial system.
