Sean Patrick Maloney, a former United States House of Representatives member, reportedly plans to stop working on crypto-related issues if confirmed as a U.S. representative to the Organization for Economic Cooperation and Development (OECD).
According to a Feb. 14 Politico report, Maloney sent a letter to Massachusetts Senator Elizabeth Warren on Feb. 9 pledging to resign from private-sector advisory work and recuse himself from decisions impacting crypto policy at the OECD if confirmed. U.S. President Joe Biden announced Maloney was his pick to be an OECD ambassador in May 2023.
Maloney, who previously represented New York’s 18th congressional district in the House, joined Coinbase’s Global Advisory Council roughly the same time as President Biden’s announcement. In December 2023, Senator Warren called out crypto advocacy groups like the Coinbase council for its “revolving door” policy of onboarding former government officials, including Maloney.
Crypto companies are spending millions building an army of former defense and law enforcement officials to lobby against new rules shutting down crypto-financed terrorism. This revolving door boosts the crypto industry, but endangers our national security. https://t.co/OGnrL0VKdH
— Elizabeth Warren (@SenWarren) December 19, 2023
According to Politico, the former New York representative was “willing to voluntarily commit to stronger ethical standards,” pledging not to accept employment or board offers from crypto firms for four years following his potential time at the OECD. As of Jan. 24, Maloney’s nomination had been placed on the U.S. Senate calendar, suggesting an upcoming vote.
Related: Coinbase beefs up its global advisory council with 4 national security experts
Cointelegraph reached out to Coinbase and Senator Warren for comment but did not receive a response at the time of publication. Coinbase also faces an enforcement action brought by the U.S. Securities and Exchange Commission in June 2023.
Senator Warren is one of the leading voices in the U.S. Congress behind a bill aiming to address the illicit uses of digital assets, particularly for money laundering and the financing of terrorist groups. Many crypto advocacy groups have criticized the Digital Asset Anti-Money Laundering Act legislation for being overly broad in enforcement authority and potentially driving crypto firms outside the United States.
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