Coinbase Responds to Senator Elizabeth Warren, Disputing Allegations as “Inaccurate”

Coinbase Responds to Senator Elizabeth Warren, Disputing Allegations as "Inaccurate"

Coinbase Responds to Senator Elizabeth Warren, Disputing Allegations as “Inaccurate”

Quick Take

On Saturday, Coinbase issued a response letter to Senator Elizabeth Warren, challenging her assertion that the company engages in a “revolving door” strategy by hiring former lawmakers and law enforcement personnel to combat regulatory constraints. Coinbase characterized the accusation as “baseless” and a deliberate misinterpretation of their objectives and endeavors. The letter implored Senator Warren to refrain from pushing cryptocurrency innovation overseas.

Coinbase Responds to Senator Elizabeth Warren, Disputing Allegations as "Inaccurate"

Coinbase Responds to Senator Elizabeth Warren

Coinbase has issued a rebuttal to Senator Elizabeth Warren’s accusations, detailed in her letter targeting the company for allegedly evading regulation through the strategic employment of former government and law enforcement officials in a “revolving door” mechanism.

In their response, Coinbase vehemently refuted Warren’s claims, denouncing them as a “deliberate distortion of our objectives and initiatives.” The company asserted that their hires constitute the “highest caliber of talent at every level” and emphasized their advocacy for “responsible regulation and legislation” within the cryptocurrency domain.

Chief Policy Officer Faryar Shirzad, who posted the letter, highlighted Coinbase’s appreciation for its Global Advisory Council, deemed essential for providing “critical strategic insight and advice.” This council had been specifically mentioned by Warren in her letter, noting the involvement of former elected officials like Senator Patrick Toomey, Representative Tim Ryan, and Representative Sean Patrick Maloney.

The letter from Coinbase cautioned Warren about the potential consequences of pushing crypto legislation offshore, drawing parallels to scenarios in semiconductor and mobile phone technology. This reference possibly alludes to China’s dominance in the global 5G competition. Concluding the response, Coinbase extended an invitation to Senator Warren for “a comprehensive briefing on our commitment to combating terrorist financing.”

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