Four renowned national security specialists were recently added to Coinbase’s Global Advisory Council, which intensified the dispute.
Senator Elizabeth Warren of Massachusetts has accused Coinbase, a leading cryptocurrency exchange, of using former government officials to block the creation of laws for digital assets. Coinbase has strongly denied the claims.
In a letter sent on December 22, Faryar Shirzad, Coinbase’s Chief Policy Officer, strongly refuted Senator Warren’s allegations and reaffirmed the exchange’s steadfast dedication to advocating for sensible regulation of the cryptocurrency industry.
Shirzad made it clear that she disagreed with the accusation that Coinbase is trying to derail cryptocurrency-related bipartisan legislation. “You are deliberately distorting our intentions and efforts with your baseless accusations.”
Additionally, Coinbase clarified that it is part of a larger effort to protect the interests and security of American crypto consumers by hiring people with histories in government.
The dedication of the company’s national security team to safeguarding Americans was emphasized in the letter.
The letter by Senator Warren had suggested, using Coinbase’s Global Advisory Council as an example, that public servants may be putting themselves up for lucrative lobbying jobs in the digital asset market while they are still in office.
According to her, the crypto business is trying to legitimate itself by resisting rules that would prevent criminal activity and terrorist funding via cryptocurrency, and this “revolving door” behavior is a worrying sign of that.
The addition of four renowned national security specialists to Coinbase’s Global Advisory Council has only added gasoline to the fire of criticism.
Some of these experts include former US defense secretary Mark Esper, former congresswoman Stephanie Murphy (who specializes in national security issues), former US homeland security adviser Frances Townsend, and former BRG Group managing director David Urban.
Rumors have circulated that Coinbase plans to handle regulatory issues and security problems in the cryptocurrency business with a more strategic approach, thanks to the arrival of these people.
Emphasizing its commitment to building a secure and compliant cryptocurrency ecosystem in the United States, Coinbase continues to uphold its principles of responsible advocacy and rejects any impropriety in its dealings with former government officials.
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