Coinbase Hires Reviewed by Senator Warren Amid Concerns About Cryptocurrency Financing of Terror

© Reuters.

WASHINGTON – U.S. Senator Elizabeth Warren is concerned about cryptocurrency companies like Coinbase (NASDAQ:) hiring former defense and national security officials. These concerns follow reports that cryptocurrencies were used to finance Hamas attacks in Israel on October 7. Warren specifically questions the role of people like Mark Esper, a member of Coinbase’s global advisory board, and their potential influence on legislation aimed at preventing terrorist financing.

The crypto industry has responded to these concerns, defending its hiring practices as efforts to comply with legal standards rather than attempts to lobby against regulation. Industry leaders, including Kristin Smith of the Blockchain Association and Kara Calvert of Coinbase, cite personal freedom and innovation as the primary reasons for their involvement in the industry. Jerry Brito of the Coin Center also asserts the right to lobby against laws that may be considered unfavorable.

Senator Warren remains steadfast in her call for stronger anti-money laundering measures in the cryptocurrency market. She is actively seeking bipartisan support and urging President Biden’s administration to address the issue of terrorist financing through digital currencies, particularly in light of recent events.

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