Coinbase Refutes Senator Warren's Allegations Over Hires to Thwart Crypto Regulations
Summary:
Coinbase, a leading cryptocurrency exchange, has dismissed Senator Elizabeth Warren’s claims alleging the hiring of former government officials to hinder the advancement of crypto regulations. Harper Shirzad, the Chief Policy Officer of Coinbase, defended the exchange's ongoing support for regulatory initiatives within the crypto sector. Shirzad emphasized that hiring these security experts was a strategic move to protect American crypto users' interests. Warren's accusations were tied to recent changes in Coinbase's Global Advisory Council, which now includes four new members, all with noteworthy government service records.
Coinbase, a well-known cryptocurrency exchange, has rejected accusations by Senator Elizabeth Warren of Massachusetts that it has hired ex-government employees to obstruct cryptocurrency regulation development. In a letter on December 22, Coinbase's Chief Policy Officer, Faryar Shirzad, pushed back against Warren's accusations, affirming that Coinbase actively and responsibly supports regulatory efforts within the cryptocurrency sector. “Your assertion that Coinbase is trying to derail bipartisan cryptocurrency legislation is incorrect. Your allegations aren't just baseless, but they intentionally distort our objectives and endeavors,” Shirzad wrote.
Shirzad also stressed that hiring former government officials is part of a larger strategy to protect the interests of U.S. cryptocurrency users. “We are tremendously proud of our national security experts team, who work tirelessly every day to safeguard Americans,” said the letter.
Warren's letter intimated that numerous government officials might exploit their public service tenure to vie for lobbying roles in the digital asset field, citing Coinbase’s Global Advisory Council as an illustration. Her letter read: “This misuse of the revolving door is horrendous. It reveals that the crypto sector is spending large sums of money to portray an image of respectability while strongly opposing logical rules that limit cryptocurrencies use for terrorist financing - rules that could potentially reduce crypto companies' profits.”
The above narrative comes in the wake of recent developments that Coinbase has broadened its Global Advisory Council by adding four national security experts. On November 7, Cointelegraph noted that the council intends to adopt a more planned strategy by welcoming new members, all of whom had previously held high-ranking government offices. These new members include former U.S. Defense Secretary Mark Esper, ex-congressperson and national security expert Stephanie Murphy, former homeland security adviser to ex-U.S. President George W. Bush, Frances Townsend, and David Urban, a past managing director of BRG Group.
Published At
12/24/2023 4:51:00 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.