Representatives of the DeFi project MakerDAO managed to secure a telephone call with U.S. Senate Banking Committee member Elizabeth Warren, who has spoken out against cryptocurrencies. She displayed knowledge in this area that fell short for a legislator.
MakerDAO delegate @ImperiumPaper and @SenWarren meeting highlight:
«I spent much of the time convincing her we’re not the DAO» pic.twitter.com/ZIUIBwaAEZ
— banteg (@bantg) September 20, 2021
The lead developer of yEarn.Finance, going by the handle banteg, shared a screenshot of a chat with a MakerDAO participant using the pseudonym PaperImperium, who represented the project in the discussion with the senator. According to him, he spent most of the allotted time trying to persuade her that there is nothing in common between the lending platform and the infamous The DAO.
PaperImperium came away with the impression that Warren was not ‘very interested’ in the dialogue, as they arranged the next meeting with her aides for two to three weeks later. This will be made possible thanks to MakerDAO’s initiative to foster engagement between lawmakers and industry participants.
PaperImperium, by his account, takes a more measured stance compared with other crypto lobby groups. A MakerDAO representative is convinced that, as a result, he has begun receiving a growing number of requests from policymakers and institutions to explain what digital assets are.
PaperImperium urged coordinating his work with other participants to obtain a broad spectrum of information and to prepare for ‘more meaningful discussions with the sharpest critics’.
In July, Warren urged U.S. Treasury Secretary Janet Yellen to lead the development of a strategy to reduce the growing risks that cryptocurrencies pose to the financial system.
Earlier, the senator called cryptocurrencies ‘a lousy investment’ and said they facilitate illicit activity. In September, she described digital assets as ‘the new shadow banks’.
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