In a recent news report, Coinbase, a cryptocurrency exchange, issued a response to Senator Elizabeth Warren, denying all allegations she charged the firm with hindering crypto regulations. In the retort, Coinbase reportedly emphasized its solid dedication towards accountable advocacy and regulatory actions in the crypto industry. Moreover, the giant crypto firm also defended its Global Advisory Council, discouraged the adoption of foreign regulations, and also invited Senator Elizabeth Warren to its upcoming briefing on a counterterrorism scheme.
According to the report, the large cryptocurrency exchange based in America, Coinbase, was recently accused by a United States Senator Elizabeth Warren of hindering the digital assets regulatory process by employing new executives who once worked as government officials. However, the exchange’s Chief Policy Officer (CPO), Faryer Shirzad, reportedly submitted a letter to address the situation on December 22.
Coinbase Denies Wrongdoings And Emphasizes Responsible Advocacy
In the letter, Chief Shirzad vehemently denied the allegations on behalf of the company. He wrote that those allegations were a “willful misrepresentation” of the original intent of the firm. Furthermore, the CPO emphasized that the exchange has no intentions to undermine bipartisan regulations concerning the crypto firm.
He stated that the accusations from Sen. Elizabeth Warren were baseless as they misrepresented the firm’s profound and active dedication towards advocating for a reasonable regulatory framework to regulate the crypto industry. In addition, the letter pointed out that Coinbase took pride in its group of national security specialists, discussing their everyday concentration and commitment to protecting the interest of American investors.
Moreover, the firm rejected the conception that it recruited its new staff who were once government workers in order to hinder regulatory progress. Instead, the firm claimed that the recruitment was part of its broader plan to make sure cryptocurrency investors in the United States are safe and well protected.
Global Advisory Council And Possible Offshore Consequences
Furthermore, the letter addressed the concerns Senator Elizabeth Warren raised about the Global Advisory Council of Coinbase exchange, claiming that the inclusion of retired elected officers was a strategic acuity and suggestion from the council. Coinbase spoke about the potential risks of driving crypto regulation to foreign establishments, making reference to the historic events surrounding how the US lost its global dominance in semiconductor and mobile phone innovation.
In addition, Shirzad suggested in a subtle way through the letter that any potential regulatory measure intended to regulate and guide the operations of the crypto industry in the country should not be too strict to avoid stifling the development of the innovation. Making another instance, he likened the situation to China’s lead in the 5G innovation, warning that strict legislations might drive innovation alongside its financial benefits away from the American economy to foreign economies.
Coinbase Invited Sen. Warren To Its Briefing
Meanwhile, to conclude the letter, the report stated that Coinbase invited the US Senator Warren to its forthcoming briefing on counterterrorism struggles, where it intends to discuss its efforts and commitments towards fighting terrorist financing globally. The invitation to the briefing was sent to the Senator as a way of reassuring her that the firm is working actively to solve the issues she raised concerning how firms and individuals use cryptocurrencies for illegal activities.
In general, Coinbase used its letter to vehemently deny the allegations Senator Warren charged against it, emphasizing responsible crypto legislation advocacy as well as calling for collaboration on its effort to fight terrorism financing. Moreover, the firm pointed out its dedication and compliance with regulatory standards and cautioned against extremely harsh regulations, claiming they could drive crypto innovations offshore.
The new development between the Coinbase exchange and Senator Elizabeth Warren, stating her worries, indicates that there is an ongoing interaction between financial regulators and the crypto industry, where both parties are united and calling on the United States Congress to create a responsible digital asset regulatory framework.
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