{"id":88637,"date":"2023-12-25T10:01:02","date_gmt":"2023-12-25T08:01:02","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=88637"},"modified":"2025-09-13T19:18:05","modified_gmt":"2025-09-13T16:18:05","slug":"coinbase-responds-to-accusations-of-undermining-crypto-regulation","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/coinbase-responds-to-accusations-of-undermining-crypto-regulation\/","title":{"rendered":"Coinbase responds to accusations of undermining crypto regulation"},"content":{"rendered":"<p>Coinbase, the cryptocurrency exchange, rejected accusations that it was attempting to thwart the development of cryptocurrency regulation, voiced earlier by U.S. Senator Elizabeth Warren, a member of the Senate Banking Committee.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We responded to Senator Warren&#8217;s letter accusing <a href=\"https:\/\/twitter.com\/coinbase?ref_src=twsrc%5Etfw\">@coinbase<\/a> of hiring national security veterans as a way to fight bipartisan legislation.<\/p>\n<p>In our response, we said that:<br \/>\u2014 We are very proud of our record of rooting out illicit activity on our platform, and of our deep partnership\u2026<\/p>\n<p>\u2014 Faryar Shirzad ?\ufe0f (@faryarshirzad) <a href=\"https:\/\/twitter.com\/faryarshirzad\/status\/1738643566509883467?ref_src=twsrc%5Etfw\">December 23, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In her <a href=\"https:\/\/theblockchainassociation.org\/wp-content\/uploads\/2023\/12\/Sen.-Warren-Letter-to-CEO-Kristin-Smith.pdf\">letter<\/a> to Coin Center and Blockchain Association dated December 18, Warren touched on the issue of hiring national security experts at a number of crypto companies. In her view, this approach is aimed at fighting regulation of the industry, in particular the <a href=\"https:\/\/forklog.com\/en\/news\/congress-eyes-bipartisan-cryptocurrency-legislation\">bipartisan law<\/a> on digital assets.<\/p>\n<p>She demanded that organizations provide by January 14 information on \u201cthe number of former military, civilian, government officials and members of Congress\u201d, working in the industry and their salaries.<\/p>\n<p>The head of Blockchain Association Christine Smith confirmed receipt of the letter and noted that Warren \u00abshould focus her efforts on criminals, not those who work hand-in-hand with U.S. law enforcement to catch bad actors\u00bb.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">3\/ As Americans, we all share the common goal of fighting terrorism and protecting our national security. Sen. Warren should focus her efforts on the perpetrators, not those working hand-in-hand with U.S. law enforcement to catch bad actors.<\/p>\n<p>\u2014 Kristin Smith (@KMSmithDC) <a href=\"https:\/\/twitter.com\/KMSmithDC\/status\/1736934244524634482?ref_src=twsrc%5Etfw\">December 19, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abThe industry is keen to participate in political issues. Last month we invited Senator Warren to our annual political summit in Washington \u2014 just a mile from her office [\u2026]. We had hoped she would join us, but she did not\u00bb, said Smith.<\/p>\n<\/blockquote>\n<p>CEO of Coin Center, Jerry Brito, called Warren&#8217;s letter \u00abbold\u00bb and \u00aba bullying publicity stunt\u00bb.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Coin Center received the same impertinent letter from Elizabeth Warren as the BA and Coinbase. Read it for yourself to see what a bullying publicity stunt it is. <a href=\"https:\/\/t.co\/YF3SFQ8rqh\">pic.twitter.com\/YF3SFQ8rqh<\/a><\/p>\n<p>\u2014 Jerry Brito (@jerrybrito) <a href=\"https:\/\/twitter.com\/jerrybrito\/status\/1737119021483557347?ref_src=twsrc%5Etfw\">December 19, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Coinbase, a member of the Blockchain Association, sent a reply letter to Warren. Policy Director <a href=\"https:\/\/forklog.com\/en\/news\/coinbase-hires-former-goldman-sachs-executive\">Faryar Shirzad<\/a> called her claim incorrect, and the accusations unfounded.<\/p>\n<p>According to him, the recruitment of former officials and law-enforcement officers is part of an initiative aimed at protecting crypto users in the United States.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abWe are very proud of our team of national-security experts who daily devote themselves to protecting Americans\u00bb, the letter said.<\/p>\n<\/blockquote>\n<p>In November, Coinbase expanded its Global Advisory Council with new members. They include:<\/p>\n<ul class=\"wp-block-list\">\n<li>former US Secretary of Defense Mark Esper;<\/li>\n<li>former Congresswoman and national-security expert Stephanie Murphy;<\/li>\n<li>former White House homeland-security adviser Frances Townsend;<\/li>\n<li>former managing director at BRG Group, David Urban.<\/li>\n<\/ul>\n<p>In December, Coinbase Chief Brian Armstrong <a href=\"https:\/\/forklog.com\/en\/news\/coinbase-ceo-anti-crypto-policy-a-poor-strategy-for-2024\">criticised<\/a> Warren and her fellow senator Roger Marshall for attempts to influence big banks against the crypto industry.<\/p>\n<p>Earlier it emerged that Coinbase, Ripple, Circle, Kraken and other players in the Bitcoin market <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-companies-earmark-78m-to-back-pro-crypto-candidates-in-the-united-states\">allocated a total of $78 million<\/a> to support the political action committee Fairshake, which advocates pro-cryptocurrency candidates for the U.S. presidency.<\/p>\n<p>In June, Armstrong <a href=\"https:\/\/forklog.com\/en\/news\/coinbase-ceo-says-us-elections-could-be-a-turning-point-for-crypto-regulation\">named<\/a> the upcoming elections in the United States a key moment for the regulation of digital assets.<\/p>\n<p>According to a Grayscale report, the promotion of cryptocurrencies by presidential candidates is driven by the forecast that Generation Z and millennials <a href=\"https:\/\/forklog.com\/en\/news\/grayscale-explains-why-u-s-presidential-candidates-are-prioritising-bitcoin\">will constitute a significant portion of voters<\/a> \u2014 about 44%. Young people trust traditional institutions less and are more inclined toward new technologies.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency exchange Coinbase rejected accusations that it was trying to obstruct the development of crypto regulation.<\/p>\n","protected":false},"author":1,"featured_media":88638,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[138,1175,36,26],"class_list":["post-88637","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-coinbase","tag-elizabeth-warren","tag-regulation","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/88637","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=88637"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/88637\/revisions"}],"predecessor-version":[{"id":88639,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/88637\/revisions\/88639"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/88638"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=88637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=88637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=88637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}