- Senator Elizabeth Warren accused Coinbase of hiring former government officials to undermine bipartisan cryptocurrency regulation legislation. She claimed Coinbase is fighting common sense rules and giving itself legitimacy.
- Coinbase’s Chief Policy Officer Faryar Shirzad rejected Warren’s claims in a letter, stating Coinbase is not undermining bipartisan legislation and her accusations are unfounded. Shirzad said Coinbase is proud of partnerships to root out illicit crypto activity.
- Coinbase emphasized it has not tried to stall bipartisan crypto regulation or legislation. The company said it engages former officials to develop effective policies that protect consumers and partners with regulators to promote regulatory progress.
In a recent letter, Senator Elizabeth Warren accused cryptocurrency exchange Coinbase of hiring former government officials to undermine bipartisan legislation related to cryptocurrency regulation. Warren claimed that Coinbase is “attempting to undermine bipartisan legislation” and fighting “to stonewall common sense rules designed to restrict the use of crypto for terror financing.”
We responded to Senator Warren's letter accusing @coinbase of hiring national security veterans as a way to fight bipartisan legislation.
— Faryar Shirzad
In our response, we said that:
– We are very proud of our record of rooting out illicit activity on our platform, and of our deep partnership…(@faryarshirzad) December 23, 2023
Warren pointed to Coinbase’s Global Advisory Council, comprised of former national security experts, as evidence that the company is trying to impede regulation while giving “itself a veneer of legitimacy.” She implied that government officials are preparing while in public service to later take jobs lobbying for the crypto industry.
Coinbase Chief Policy Officer Rejects Claims
In response, Coinbase’s Chief Policy Officer Faryar Shirzad rejected Warren’s allegations in a letter dated December 22. Shirzad stated that Warren’s “claim that Coinbase is attempting to undermine bipartisan legislation related to cryptocurrency is simply wrong.”
He asserted that the accusations are “not only unfounded but a willful misrepresentation of our intentions and efforts.” Shirzad said Coinbase is “very proud” of its partnerships aimed at rooting out illicit crypto activity.
Shirzad explained that Coinbase’s recruitment of government personnel is meant to safeguard crypto users, not impede regulation. He stated that the company’s team of national security experts “dedicate themselves daily to protecting Americans.”
Coinbase Stands By Efforts to Develop Crypto Regulations
Coinbase firmly denied Warren’s claims that it has tried to stall bipartisan crypto regulation or legislation. The company maintains that its engagement of former government officials is intended to develop effective policies that protect consumers.
Coinbase emphasized its ongoing efforts to responsibly advocate for regulatory measures for the crypto industry. The exchange expressed pride in its work to root out illicit activities and partner with regulators to promote progress in the crypto regulatory space.
