Coinbase has publicly responded to accusations made by Senator Elizabeth Warren.
The senator had alleged that the company had a policy of hiring former lawmakers and law enforcement officials to resist regulatory crackdowns.
In a letter published on Saturday, Coinbase vehemently denied these allegations, calling them “not only baseless but also a deliberate misrepresentation of its intentions and efforts.” The company also urged Senator Warren not to push cryptocurrency innovation out of the country.
Coinbase's response, published by Chief Policy Officer Faryar Shirzad, defended the company's hiring practices. The company said its hires represent “top talent at all levels” and that Coinbase supports “responsible regulation and legislation” in the cryptocurrency space.
The letter also praised Coinbase's Global Advisory Council, which provides critical strategic insight and advice, according to the company. Notably, the council, which includes many former elected officials, including Senator Patrick Toomey, Representative Tim Ryan, and Representative Sean Patrick Maloney, was specifically mentioned in Senator Warren's letter.
Coinbase's letter ended with a warning about the potential consequences of moving cryptocurrency regulation overseas.
*This is not investment advice.