According to Faryar Shirzad, Chief Policy Officer of Coinbase, the claims are merely untrue and distort the exchange’s commitment to advancing advancements in cryptocurrency regulations.
Senator Elizabeth Warren of Massachusetts claimed that the cryptocurrency exchange Coinbase hired former government employees to obstruct the development of laws governing digital assets. Coinbase has refuted her claims.
Sen. Warren’s allegations were refuted by Coinbase’s Chief Policy Officer, Faryar Shirzad, in a letter dated December 22. Shirzad stated that the exchange is still actively and responsibly pushing for regulations pertaining to the cryptocurrency sector.
“Your claim that Coinbase is attempting to undermine bipartisan legislation related to cryptocurrency is simply wrong. Your accusations are not only unfounded but a willful misrepresentation of our intentions and efforts.”
Shirzad added that the hiring of government employees by the exchange is a component of a larger programme designed to protect the welfare of American cryptocurrency users.
“Our team of national security experts, who dedicate themselves daily to protecting Americans, is something we take immense pride in,” the letter said.
Warren’s letter made the implication that numerous public servants might be setting the stage to “audition” for jobs lobbying for digital assets while they are still employed by the government. As an illustration, she cited Coinbase’s Global Advisory Council. According to the letter:
“This abuse of the revolving door is appalling, revealing that the crypto industry is spending millions to give itself a veneer of legitimacy while fighting tooth and nail to stonewall common sense rules designed to restrict the use of crypto for terror financing – rules that could cut into crypto company profits.”
This follows reports that Coinbase added four national security experts to its Global Advisory Council.
According to a report published on November 7, the council plans to take a more strategic stance with the addition of new members, all of whom have held senior positions in the government in the past.
Former U.S. Secretary of Defence Mark Esper, former Congresswoman and national security expert Stephanie Murphy, former U.S. Homeland Security Advisor Frances Townsend, and former BRG Group Managing Director David Urban.