HomeBlockchainCoinbase's leader criticizes the United States. The GAO did not properly study...

Coinbase’s leader criticizes the United States. The GAO did not properly study the risks of using crypto for sanctions.

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Paul Grewal, who is in charge of legal matters at Coinbase, disagreed with a recent report from the government that said cryptocurrency is being used by other countries to get around sanctions.

The Coinbase executive didn’t like the report because it didn’t compare things properly. He wrote about it on X.

 

He noted that without any critical study on issues raised, they are quick to attack the industry that spends millions per year to achieve regulatory compliance.

Heck, zero analysis whatsoever performed.  Instead, they harangue an industry that spends millions and millions to follow the law. Ask yourself— why?”

Grewal said the report is not truthful because it includes links that say using digital money to avoid international penalties is not a good idea.

The statement said that cryptocurrencies can’t always avoid sanctions because they can be tracked on public blockchains.

Many institutions, including the United Nations, like blockchain because it is a decentralized way to keep track of transactions.

It also said that the US government has found people using digital money to avoid sanctions on Venezuelan oil. This shows that using digital money to avoid US sanctions doesn’t work.

Coinbase is working hard to get more customers than other companies.

Also, he said that the work was paid for by US taxpayers and it was a poor quality work. He believes that the authorities are trying to use people’s money to make the industry look bad.

Coinbase is still supporting the crypto industry by fighting lawsuits and trying to influence government decisions.

Coinbase is trying to get clear rules from the government about how it can operate. This could help the company in many ways.

Last year, Coinbase said they wanted to grow in other countries and chose Ireland to be their main base in Europe after looking at places like Brazil, Europe, and Singapore.

The GAO identified virtual assets as a concern.

On Jan 16, the GAO said that digital money can make it harder to punish other countries for not following US rules. The government hides big money and covers up who it belongs to.

“But sanctioned entities are using digital assets, like Bitcoin or other cryptocurrencies, to hide their transactions. These alternative assets also can allow countries to generate funds from cybercrime and other illegal or illicit activities the U.S. looks to stem through sanctions.” 

Sen Elizabeth Warren highlighted the report in her recent quest for more regulations around digital assets seeking similar anti-money laundering rules like those in traditional finance.

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