Rebuttal to Sen. Warren
On the 22nd, Fariya Shirzad, chief policy officer of Coinbase, a major U.S. cryptocurrency exchange, submitted an open letter to U.S. Senator Elizabeth Warren in response.
This appears to be in disagreement with Warren’s assertion that “Coinbase and others are hindering the progress of virtual currency regulation in the United States.”
On the 18th, Warren sent a letter to Coinbase, the Blockchain Association, a major industry group, and the cryptocurrency think tank Coin Center, stating that they are “employing former government officials to prevent the passage of anti-money laundering legislation.” There is a history of criticism.
connection: U.S. Rep. Warren criticizes lobbying activities of major cryptocurrency-related companies, asks Coinbase and others to explain
In response, Coinbase stated the following:
We have worked closely with U.S. law enforcement to prevent malicious criminals from harming U.S. users.
Claims that Coinbase is trying to undermine bipartisan crypto-related legislation are beside the point. Isn’t this a deliberate misinterpretation?
Coinbase brings together its compliance team, legal team, and global advisory board to protect U.S. users and remain committed to being the safest and most trusted cryptocurrency company in the world. He also explained.
He went on to say that Warren’s efforts to drive digital asset innovators offshore are a big mistake. He argues that relinquishing leadership in innovation, with examples such as AI (artificial intelligence) and semiconductor technology, would be damaging to U.S. national security.
connection: US Coinbase digs into next year’s outlook for the virtual currency market
“Digital Asset Money Laundering Prevention Act”
Elizabeth Warren reintroduced the Digital Asset Money Laundering Prevention Act to Congress in May of this year. The content mainly includes the following items:
- Imposing Bank Secrecy Act obligations, including know-your-customer requirements, on virtual currency wallet providers, miners, validators, and others who verify, secure, and mediate digital asset transactions.
- Self-managed digital wallets could allow individuals to launder money and evade economic sanctions, so we urge the decision and implementation of rules requiring “know your customers.”
- Extends foreign bank account reporting rules to include digital assets, requiring U.S. persons who conduct virtual currency transactions exceeding approximately 1.4 million yen ($10,000) through offshore accounts to file a report.
Warren announced on the 11th that five new senators have joined the bill as co-sponsors, including Sen. Raphael Warnock, including three members of the Banking Committee.
What is a self-managed wallet?
A wallet that you use to manage your own private keys and hold assets, rather than an exchange. It is also called “self-hosting type” or “self-custody type”.
▶️Virtual currency glossary
connection: European Parliament approves regulation on self-managed wallets for cryptocurrencies