Coinbase Responds to Warren’s Claims of Undermining Legislation

Coinbase, a leading crypto exchange in the United States, has publicly responded to Senator Elizabeth Warren’s allegations that the company is attempting to hinder bipartisan cryptocurrency legislation. The exchange’s chief policy officer, Faryar Shirzad, used a social media platform to address these claims, emphasizing that Coinbase’s hiring of national security and law enforcement veterans is aimed at strengthening their efforts against illicit activities, not to obstruct legislative progress.

Shirzad stated, “We are very proud of our record of rooting out illicit activity on our platform, and of our deep partnership with law enforcement in going after bad guys. Our success stems from hiring national security and law enforcement veterans who help us do everything we can to protect the American people.”

He further clarified, “Any suggestion that we are hiring these people to stop legislation is ridiculous. In fact, Coinbase has been consistently advocating for legislation like FIT21 (The Financial Innovation and Technology for the 21st Century Act) that would create clear rules for the industry and consumers here at home.”

Coinbase has taken a strong stance against Warren’s approach, arguing that her actions are pushing cryptocurrency innovators out of the United States, a move they believe could be detrimental to the country’s national security and technological leadership. The company drew parallels to past technological sectors, such as semiconductors and mobile technology, where the U.S. lost its leading position, cautioning against repeating this with digital assets.

In an open letter to Senator Warren, Coinbase expressed pride in its collaboration with U.S. law enforcement agencies and reiterated its commitment to protecting American citizens. The letter stated, “We are proud of our close collaboration with U.S. law enforcement agencies in thwarting malicious actors from harming Americans. 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.”