Sean Patrick Maloney, a former member of the United States House of Representatives, reportedly intends to distance himself from crypto-related matters if confirmed as a U.S. representative to the Organization for Economic Cooperation and Development (OECD).
In a letter addressed to Massachusetts Senator Elizabeth Warren on February 9, Maloney pledged to resign from private-sector advisory roles and recuse himself from decisions impacting crypto policy at the OECD if his confirmation goes through. His nomination as an OECD ambassador was announced by President Joe Biden in May 2023.
Maloney, who previously represented New York’s 18th congressional district, joined Coinbase’s Global Advisory Council around the same time as President Biden’s announcement. However, in December 2023, Senator Warren criticized crypto advocacy groups like the Coinbase council for what she termed a “revolving door” policy of hiring former government officials, including Maloney.
Despite facing scrutiny, Maloney expressed a willingness to adhere to stronger ethical standards, promising not to accept employment or board offers from crypto firms for four years following his potential tenure at the OECD. As of January 24, Maloney’s nomination had been placed on the U.S. Senate calendar, indicating an imminent vote.
Efforts to reach out to Coinbase and Senator Warren for comment on the matter have not yielded responses at the time of publication. It’s worth noting that Coinbase is also grappling with an enforcement action initiated by the U.S. Securities and Exchange Commission in June 2023.
Senator Warren has been a prominent figure in the U.S. Congress advocating for measures to address the illicit use of digital assets, particularly concerning money laundering and the financing of terrorist groups. However, her proposed legislation, the Digital Asset Anti-Money Laundering Act, has faced criticism from many crypto advocacy groups for its perceived broad enforcement authority and the potential to drive crypto firms away from the United States.
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