Senator Elizabeth Warren has achieved a significant win in her ongoing battle with the cryptocurrency industry. Former Rep. Sean Patrick Maloney, who previously led House Democrats’ campaign arm, has assured Warren that he will cease involvement in crypto matters if confirmed as President Joe Biden’s ambassador to the Organization for Economic Cooperation and Development (OECD).
Warren had expressed concerns about Maloney’s advisory role at Coinbase, the largest U.S. crypto exchange. However, following Maloney’s commitment to resign from all private-sector advisory work and recuse himself from OECD decision-making on crypto and digital assets policy, Warren has announced her support for his confirmation, which is pending consideration by the full Senate.
The OECD, a Paris-based intergovernmental group of wealthy countries, is dedicated to research and the establishment of global standards.
In a letter dated February 9, obtained by POLITICO, Maloney pledged to immediately resign from all private-sector advisory work if confirmed, and to recuse himself from OECD decision-making processes related to crypto and digital assets policy. He also committed to extending recusals under the Biden administration ethics pledge and vowed not to accept employment, board service, or compensation from any crypto company or organization for four years after his OECD tenure.
Expressing his willingness to adhere to stronger ethical standards, Maloney’s pledge signifies a significant development in Warren’s efforts to address the intersection of Washington and corporate America, particularly in relation to the crypto industry. Warren’s influence on administration personnel in the Biden era has also resulted in securing ethics commitments from nominees for agencies such as the Federal Reserve, Defense Department, and others.
