Coinbase, a prominent cryptocurrency exchange, has refuted allegations made by Massachusetts Senator Elizabeth Warren that it engaged former government officials to obstruct the progress of digital asset regulations. Coinbase's Chief Policy Officer, Faryar Shirzad, responded to Senator Warren's claims, asserting that they are baseless and a misrepresentation of the exchange's commitment to promoting responsible regulatory measures in the crypto industry.
In a letter dated December 22, Shirzad emphasized that COINBASE is actively advocating for bipartisan legislation related to cryptocurrency and is dedicated to ensuring the well-being of crypto users in the United States. He stated, "Your accusations are not only unfounded but a willful misrepresentation of our intentions and efforts."
We responded to Senator Warren's letter accusing @coinbase of hiring national security veterans as a way to fight bipartisan legislation.
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…
— Faryar Shirzad ??? (@faryarshirzad) December 23, 2023
Senator Warren's letter had suggested that Coinbase's recruitment of government personnel might be part of a strategy by officials to position themselves for lobbying roles in the digital asset sector. She particularly pointed to Coinbase's Global Advisory Council, insinuating that the crypto industry spends millions on creating a facade of legitimacy while resisting sensible regulations designed to curb crypto's use in terror financing.
Coinbase's recent expansion of the Global Advisory Council with four national security experts, including former U.S. Secretary of Defense Mark Esper, former Congressperson Stephanie Murphy, former Homeland Security Adviser Frances Townsend, and former BRG Group Managing Director David Urban, was highlighted in response to Senator Warren's assertions.
