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Maloney reportedly sent a letter to Massachusetts Senator Elizabeth Warren on February 9, committing to resign from private-sector advisory roles and abstaining from decisions influencing crypto policy at the OECD should he be confirmed.
His promise came following scrutiny from Senator Warren and others of Maloney’s recent advisory role with Coinbase.
Sean Patrick Maloney’s Journey From Congressman to Crypto Advisor
In his letter, Maloney was “willing to voluntarily commit to stronger ethical standards” if appointed as OECD ambassador, according to Politico. He also pledged not to accept employment or board offers from crypto firms for four years following his potential tenure at the OECD.
Maloney’s nomination has been listed on the U.S. Senate calendar as of January 24, indicating an imminent vote.
Maloney, a former House of Representatives member, received President Joe Biden’s nomination as an OECD ambassador in May 2023.
Shortly after Biden’s nomination, Maloney joined Coinbase’s Global Advisory Council, populated by former U.S. lawmakers and industry leaders who provide crypto regulation advice to the company.
Senator Warren: A Vocal Crypto Critic
In December 2023, Senator Warren raised concerns over crypto advocacy groups like the Coinbase Council hiring former officials like Maloney, who represented New York’s 18th congressional district.
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
Senator Warren is one of the prominent voices in Congress supporting a bill designed to tackle the illegal usage of digital assets, with a specific focus on combating money laundering and the funding of terrorist groups.
The Digital Asset Anti-Money Laundering Act
The Digital Asset Anti-Money Laundering Act legislation, championed by Warren, has faced criticism from numerous crypto advocacy groups who argue that the legislation’s enforcement authority is overly broad and could potentially lead crypto firms to relocate outside the United States.
In a somewhat surprising move, Senator Warren’s office recently submitted a request to honor Bitcoin creator Satoshi Nakamoto’s achievement in establishing the first “truly inclusive financial system.”
The proposal includes flying the U.S. flag above the Capitol on December 18, 2023, a date recognized by Bitcoin enthusiasts as HODL Day.