For working with Democrats on encryption policy, conservative organizations now charge Kansas Republican Sen. Roger Marshall of backing “big government” in an open letter.
The statement, which was first shared with The Block, was signed by the leaders of the Club for Growth, Americans for Tax Reform, and FreedomWorks, all of whom expressed their “extreme disappointment” in the administration’s decision to target digital asset businesses. How come you’re in favor of more heavy-handed government oversight?”
Marshall, a member of the Senate Agriculture Committee with jurisdiction over the CFTC, co-authored anti-money-laundering legislation for digital assets with Warren last year. Last month, the Massachusetts Democrat promised to join him in reintroducing the measure. The senator from Kansas has been an outspoken opponent of cryptocurrencies, joining fellow Republican Elizabeth Warren in inquiring about cryptocurrency exchanges Silvergate Bank and Binance in recent months.
Conservative groups claim in a letter that Senators Marshall, Warren, and Van Hollen are trying to “prevent and slow alternative vehicles for investment” with their crypto policy moves, citing the recent failures of Silicon Valley Bank and Signature Bank as evidence.
In a joint statement, the organizations argued that “millions of Americans hold digital assets and they should not be punished because of Washington’s long history of serving the banking lobby.” David McIntosh, president of the Club for Growth, Adam Brandon, president of FreedomWorks, and Grover Norquist, president of Americans for Tax Reform, endorsed the statement.
Binance was sued by the Commodity Futures Trading Commission (CFTC) a few weeks later because the exchange had broken its compliance rules by continuing to operate within the United States unlawfully.
A message was left at Marshall’s workplace without a quick response. In recent years, conservative organizations have become more vocal about cryptocurrency policy. During the last election campaign, the Club for Growth established two super PACs (political action committees) dedicated to cryptocurrency advocacy. FreedomWorks held a crypto convention at its DC headquarters. Offices last autumn, and Americans for Tax Reform, which has strong libertarian leanings, frequently chimes in on crypto matters.
Warren, for her part, is proud to play the character of a crypto critic. This week, the legislator from Massachusetts officially kicked off her reelection campaign with the slogan “building an anti-crypto army.”
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