By Hassan Mehmood (Saudi Arabia)
Faryar Shirzad, a Chief Policy Officer for Coinbase, refuted the allegations extended by Senator Elizabeth Warren. The state official has purported that Coinbase employed former government officials to supersede the regulatory process for digital assets. The executive expressed his dissent in a letter addressed to the Senator.
Allegations Against Coinbase
At the same time, he highlighted that the exchange has continued to advocate for a regulatory framework for the cryptocurrency industry. He also asserted that claims regarding Coinbase attempting to undermine the bipartisan legislator of the cryptocurrency sector do not have any basis in truth.
Shirzad maintained that the defamatory nature of her charges against the trading platform is not backed by empirical evidence. Additionally, he was critical of the stateswoman for perpetrating a willful misrepresentation of the scope and mission statement of the trading platform.
As per his remarks, former government officials working for the firm were part of an initiative to ensure the security of cryptocurrency investors in the United States.
American Bankers Association to Work with Senator Warren on Anti-Crypto Bill
Senator Roger Marshall posted a video on 20th December confessing that he and Senator Warren worked with the American Bankers Association to draft an anti-crypto bill. The Senator claimed in the video statement that he assisted Senator Warren in inscribing the Digital Asset Anti-Money Laundering Act.
Also read:The bill in question was first introduced in 2022 with an aim to apply strict banking regulations on various blockchain service providers such as non-custodial wallets and mining/validator reserves etc.
The statesman also talked about Senator Warren’s alleged meeting with JP Morgan CEO Jamie Dimon. The executive opines that cryptocurrencies are only used to facilitate criminals. The video post was from a parliamentary session sourced from a security intelligence forum in December.
The video generated uproar within the blockchain industry. Coinbase CEO also expressed his disapproval regarding the association of Senator Warren and Marshall with anti-crypto banking lobbyists.
Major Concerns Related to Crypto Regulations
At present, there is a visible divide among US legislators concerning the matter of cryptocurrency regulations. Both sides have extended and exchanged allegations about working with lobbyists to influence the legislative process in accordance with biased beliefs and opinions.
Anti-crypto side believes that digital currencies serve as instruments for facilitating illegal activities regardless of plenty of evidence to disprove the idea. A 2022 Chainalysis report indicates that only 0.2% of total crypto transactions are used for illegal trades.
On the flip side, for-crypto strata is still developing and working on various aspects of blockchain-based services, products, and investment instruments. In the midst of the divide, the most important factors are to protect the interests of cryptocurrency investors, ensure standardization, protect innovation, and productive correspondence from both sides to detect possible risks and implement practically viable solutions.
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