Coinbase’s Chief Legal Officer Criticizes U.S. GAO for Lack of Analysis on Crypto Sanctions Risk
The United States Government Accountability Office (GAO) recently released a report describing crypto as a tool for foreign entities to evade sanctions. However, Coinbase’s chief legal officer, Paul Grewal, expressed his dissatisfaction with the report, stating that it lacked comparative analysis and attacked the industry without proper study. Grewal also criticized the report for being deceptive, as it included links admitting that digital assets are not an effective way to dodge international sanctions.
Coinbase Fights for the Market
Coinbase has been actively defending the crypto industry through lawsuits and lobbying efforts. The exchange recently sued the SEC and has been seeking regulatory clarity in the United States. Last year, Coinbase announced plans for international expansion, choosing Ireland as its European base.
Virtual Assets Flagged by GAO
The GAO’s report highlighted how digital assets can impede the use of sanctions by enabling sanctioned entities to hide their transactions and generate funds from illegal activities. Senator Elizabeth Warren has called for more regulations around digital assets, citing the GAO’s report as evidence of the need for anti-money laundering rules.
Hot Take: Lack of Analysis Undermines Crypto Sanctions Risk Report
Coinbase’s chief legal officer, Paul Grewal, has criticized the U.S. Government Accountability Office (GAO) for its report on crypto sanctions risk. Grewal argues that the report lacks comparative analysis and fails to properly examine the issues it raises. He also highlights the deceptive nature of the report, which includes links admitting that digital assets are not effective in evading sanctions. This criticism reflects Coinbase’s ongoing efforts to defend the crypto industry and seek regulatory clarity. The GAO’s report has sparked calls for more regulations around digital assets, emphasizing the need for anti-money laundering rules.
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