Coinbase Says Senator’s Claims the Firm Is Undermining Bipartisan Legislation Are ‘Unfounded’ in New Open Letter

Top US-based crypto exchange Coinbase is countering Senator Elizabeth Warren’s claim that the firm is undermining bipartisan legislation.

In a new thread on the social media platform X, Coinbase chief policy officer Faryar Shirzad says Warren’s claim that the firm is hiring national security veterans as a means of combating bipartisan legislation has no merit.

“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.

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.”

According to Coinbase, Warren – a Democrat from Massachusetts – is making a mistake of “epic proportions” by forcing crypto innovators out of the US.

“Keeping emerging and foundational technology in the US is a national security imperative, and her efforts to drive digital asset innovators offshore is a mistake of historic proportions.

We’ve learned from the examples of semiconductors and mobile phone technology how much damage it does to America’s national security to abandon leadership in innovation, and we should ensure that we don’t make the same mistake with digital assets.”

As stated by Coinbase in an open letter penned to the senator,

“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.”

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