Coinbase CEO Criticizes US GAO Report on Cryptocurrency Issues
Date: 2024-01-22 Author: Dima Zakharov Categories: IN WORLD
In a fiery response, Coinbase's Chief Legal Officer, Paul Grewal, has challenged the findings of a recent report from the US Government Accountability Office (GAO). The report expressed concerns that foreign nations under US sanctions were potentially using cryptocurrencies like Bitcoin (BTC) to bypass economic restrictions.
Grewal took to Twitter to criticize the GAO's conclusions, pointing out the lack of thorough analysis and comparative research. He argued that the GAO unfairly targeted an industry that invests substantial resources in complying with legal frameworks.
"No comparative analysis was conducted. Heck, no analysis was conducted at all. Instead, they wax poetic about an industry that spends millions on compliance. Ask yourself—why?" questioned Grewal.
Coinbase's CEO urged readers to scrutinize the report carefully and highlighted subtle admissions within it that digital assets are not an effective means of evading sanctions. According to Grewal, this indicates uncertainty within the US GAO itself, suggesting that the cryptocurrency industry should not shoulder all the blame.
Expressing concern about taxpayers' money funding the GAO's research, Grewal deemed it shameful for taxpayers to witness their funds being used by the government for such poor-quality work. He bluntly stated, "It's the smell of people's money burning."
Notably, Grewal's statement aligns with the ongoing legal battle between Coinbase and the US Securities and Exchange Commission (SEC). In June of the previous year, the SEC filed a lawsuit against the cryptocurrency exchange, alleging that it operated as an unregistered national securities exchange. Coinbase vehemently denied these claims and awaits a judge's decision.
