Coinbase Fires Back at Senator Elizabeth Warren — Says Accusations Are Unfounded

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Nasdaq-listed crypto exchange Coinbase has responded to U.S. Senator Elizabeth Warren’s accusations that it hires national security veterans to oppose her legislation. “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,” the crypto firm told Warren.

Coinbase’s Letter to Elizabeth Warren

Coinbase (Nasdaq: COIN) fired back at U.S. Senator Elizabeth Warren on Friday, refuting her claim that the cryptocurrency exchange hired national security veterans to combat bipartisan legislation.

In its letter dated Dec. 22 to Senator Warren, Coinbase wrote: “We received your letter dated December 18, 2023, concerning our approach to recruiting top national security experts in our fight against terrorist financing.” Besides Coinbase, Senator Warren also sent a similar letter to Coin Center Executive Director Jerry Brito and Blockchain Association CEO Kristin Smith.

Emphasizing its commitment to becoming “the most trusted, secure, and reliable cryptocurrency company globally,” Coinbase explained that it recruits top-tier talent across all levels to achieve this goal. The crypto firm stressed:

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.

“Coinbase has always been, and will continue to be, an active supporter of responsible legislation and regulation in the cryptocurrency space. We believe in fostering a safe and compliant environment, which is integral to the growth and stability of the industry and has long been a hallmark of our company,” Coinbase stressed.

“We also believe it is critical to America’s national security that emerging and foundational technologies remain in the U.S. America’s loss of leadership in semiconductors and mobile phone technology seriously undermined our national security,” the exchange added, noting:

Your efforts to drive digital asset innovators offshore is likely to have similar consequences, particularly as China is actively trying to bring digital asset innovators to Hong Kong and most of the G20 are integrating digital assets and crypto into their financial systems.

Coinbase ended its letter by offering to provide Warren with “a comprehensive briefing” on its commitment to combating terrorist financing, and to brief the senator on “the important steps other countries are taking to adopt this technology.”

Warren is a vocal crypto skeptic. She is pushing for the Digital Asset Anti-Money Laundering Act, which some described as her efforts to ban crypto. There is currently a petition on Change.org to stop this proposed crypto ban.

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