Coinbase refutes Senator Warren’s government insider allegations

Faryar Shirzad of Coinbase stated that the assertions are false and misrepresent the exchange’s goal of advancing developments in cryptocurrency regulations. Senator Elizabeth Warren of the United States has accused cryptocurrency exchange Coinbase of using former government employees to obstruct the development of laws governing digital assets. Coinbase has refuted these claims. In a letter dated December 22, Coinbase’s Chief Policy Officer refuted Senator Warren’s accusations, emphasizing the exchange’s active and responsible advocacy for cryptocurrency regulations.

Your claim that Coinbase is attempting to undermine bipartisan legislation related to cryptocurrency is simply wrong. Your accusations are not only unfounded but a willful misrepresentation of our intentions and efforts.

Shirzad highlighted the exchange’s hiring of government employees is part of a broader program designed to safeguard the welfare of American cryptocurrency consumers.

“We take immense pride in our team of national security experts, who dedicate themselves daily to protecting Americans,” the letter stated.

Warren’s letter suggests that numerous public servants might be laying the groundwork while serving as “auditions” for jobs and lobbying related to digital assets. The Global Advisory Council of Coinbase serves as an illustration, according to her. The letter said as much.

“This abuse of the revolving door is appalling, revealing that the crypto industry is spending millions to give itself a veneer of legitimacy while fighting tooth and nail to stonewall common sense rules designed to restrict the use of crypto for terror financing – rules that could cut into crypto company profits.”

This follows reports that Coinbase added four national security specialists to its Global Advisory Council. Cointelegraph reported the council is expected to adopt a more strategic position by incorporating new members on the 7th of November. Former US Secretary of Defence Mark Esper, former Congressperson and national security specialist Stephanie Murphy, former US President George W. Bush’s homeland security advisor Frances Townsend, and former BRG Group managing director David Urban are all former members of the US government.