Coinbase fires back at Sen. Elizabeth Warren: accusations "simply wrong"
Quick Take
- Coinbase published a letter to Sen. Elizabeth Warren on Saturday, firing back at her claim that the company hires former legislators and law enforcement individuals in a “revolving door” meant to fight against regulatory restrictions.
- In its letter, Coinbase called the accusation “not only unfounded but a willful misrepresentation of our intentions and efforts,” and urged Sen. Warren not to drive crypto innovation offshore.
Coinbase has published a response to Sen. Elizabeth Warren's letter accusing the company, among others, of resisting regulation by hiring former government and law enforcement officials in a "revolving door" system.
In its response, Coinbase slammed Warren's accusations as "a willful misrepresentation of our intentions and efforts," claiming the hires represent the "finest talent at every level" and that Coinbase supports "responsible regulation and legislation" in the cryptocurrency space.
In the letter, posted by chief policy offier Faryar Shirzad, Coinbase also praises its Global Advisory Council, "which provides us with critical strategic insight and advice." The council was specifically called out by Warren in her letter, as it initially 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 effects of driving crypto legislation offshore, comparing it to semiconductor and mobile phone technology, perhaps referring to China's lead in the worldwide 5G race. Finally, the letter invited Warren to "a comprehensive briefing on our commitment to combating terrorist financing."
Sen. Warren's office could not be immediately reached for comment.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
