Coinbase Disputes GAO Findings On Cryptocurrency
Coinbase’s Chief Legal Officer, Paul Grewal, has criticized a recent report by the U.S. Government Accountability Office (GAO) that suggested cryptocurrency could be involved in sanctions evasion. Grewal argued that public ledger systems, which are fundamental to cryptocurrency operations, provide transparency and aid in tracking transactions, deterring potential misuse for illicit activities.
The GAO acknowledged the utility of these ledger systems in tracing cryptocurrency transactions, aligning with Grewal’s assertions about their effectiveness in preventing sanctions evasion. The balance between innovation and compliance remains a critical issue for industry leaders and regulatory bodies.
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