In a significant development, former Rep. Sean Patrick Maloney (D-N.Y.) has pledged to abstain from any crypto-related work if confirmed as President Joe Biden’s ambassador to the Organization for Economic Cooperation and Development. This comes as a victory for Sen. Elizabeth Warren (D-Mass.) in her ongoing battle with the cryptocurrency lobby.
What Happened: Maloney has assured Warren that he will cease all work on cryptocurrency issues if his nomination as ambassador to the OECD is approved. This commitment comes after Warren expressed concerns about Maloney’s advisory role with Coinbase, the largest U.S. crypto exchange, reported Politico on Monday.
Maloney has pledged to resign from all private-sector advisory roles and recuse himself from OECD decision-making processes on crypto and digital assets policy. He also committed to not accepting employment, board service, or compensation from any crypto company or organization for four years after his OECD tenure.
This pledge is the latest instance of Warren’s influence on administration personnel in the Biden era, where she has also secured ethics commitments from nominees for agencies including ...