Coinbase has released a response to a letter from Senator Elizabeth Warren that accused the company of resisting regulation by hiring former government and law enforcement officials in a “revolving door” system.
In response, Coinbase condemned Warren’s accusations as “an intentional misrepresentation of our intentions and efforts,” adding that the people hired represent “top talent at every level” and that Coinbase is a “responsible leader in the cryptocurrency space.” claimed to support “regulation and legislation.”
In a letter published by Chief Policy Officer Faryar Shirzad, Coinbase praised its Global Advisory Council, which “provides us with important strategic insight and advice.” This Congress was initially called out specifically in Warren’s letter because it included several former elected officials, including Senator Patrick Toomey, Representative Tim Ryan, and Representative Sean Patrick Maloney.
Coinbase’s letter warned Warren about the potential impact of pushing cryptocurrency legislation overseas, comparing it to semiconductor and cell phone technology, perhaps referencing China’s lead in the global 5G race. Finally, the letter asked Warren for a “comprehensive briefing on our commitment to combating the financing of terrorism.”
Senator Warren’s office could not immediately be reached for comment.
Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.