In a statement, Paul Grewal argued that the GAO had not conducted a comprehensive analysis and was unjustly pointing fingers at the crypto industry, which invests significant resources in complying with the law.
Grewal further suggested that taxpayer funds were being spent recklessly and that government authorities were failing in their responsibilities. He pointed out that even the GAO report itself acknowledges that cryptocurrencies are not an effective means to bypass sanctions.
The report claimed that countries facing US sanctions may have utilized digital assets like Bitcoin to bypass trade restrictions.
Prior to this, Grewal also criticized a proposal by the US Securities and Exchange Commission (SEC) to broaden the definition of a cryptocurrency exchange, arguing that the regulator was overstepping its boundaries.