Coinbase Counters Senator Warren's Allegations

blockchain.news:

Cryptocurrency exchange Coinbase has recently confronted allegations by Senator Elizabeth Warren regarding the employment of former government officials. Warren's claims suggest that these hires may hinder the progress of digital asset regulations. Coinbase, represented by Chief Policy Officer Faryar Shirzad, has fervently denied these allegations.

In a response dated December 22, 2023, Shirzad emphasized that Coinbase continues to responsibly and actively advocate for regulatory measures within the crypto industry. Contradicting Warren's assertions, he insisted that the accusation of undermining bipartisan cryptocurrency legislation is baseless and a misrepresentation of Coinbase's intentions​​​​. Shirzad highlighted the exchange's pride in its team of national security experts, who are dedicated to protecting Americans.

This recruitment, according to Coinbase, is part of a broader initiative aimed at safeguarding the well-being of crypto users in the United States​​. Senator Warren, in her letters to Coinbase and other industry groups, pointed out the recruitment of high-profile figures such as former Defense Secretary Mark Esper and Bush counterterrorism adviser Frances Townsend, among others. These individuals now serve on Coinbase's Global Advisory Council.

Warren critiqued this as an exploitation of the «revolving door,» claiming it aims to establish a semblance of legitimacy while resisting regulations designed to restrict the use of crypto for terror financing​​. Responding to Warren's concerns, Coinbase emphasized the quality of their hires and supported «responsible regulation and legislation» in the cryptocurrency space. The company also warned against the potential risks of driving crypto legislation