- Senator Elizabeth Warren has accused Coinbase and other companies of undermining efforts to regulate the cryptocurrency market.
- In response, Coinbase emphasized the risk of hindering innovation and losing the US leadership position in the industry.
Coinbase has replied to Senator Elizabeth Warren’s accusatory letter, where she claimed the company was poaching personnel to avoid regulatory scrutiny.
Faryar Shirzad, Coinbase’s CPO, stated that their success in combating illegal activities on the platform is partly due to hiring veterans from the political sphere.
He emphasized that the claim of recruiting these individuals to disrupt regulatory frameworks is baseless and false.
Moreover, the company accused Warren of subversion, highlighting the potential consequences of her efforts, such as an outflow of innovation from the United States, similar to the semiconductor industry.
It’s worth noting that Senator Warren had previously sent an open letter to the US Blockchain Association in December 2023, indirectly accusing Coinbase and others of supporting regulatory uncertainty.
She referenced the Global Advisory Council formed by Coinbase, which included individuals from Congress, as evidence of this claim.
This isn’t the first time Warren has raised concerns about personnel transitioning from government agencies to the cryptocurrency sector. In October 2022, she and other politicians sent a similar letter to the Securities and Exchange Commission, the Federal Reserve, and the US Treasury.