Coinbase’s CLO Criticizes U.S. GAO for Lack of Analysis on Crypto Sanctions Risk
Coinbase‘s chief legal officer Paul Grewal has criticized the United States Government Accountability Office (GAO) following its recent report describing crypto as a tool for foreign entities to evade sanctions.
In a series of posts on X (formerly Twitter), the Coinbase executive expressed his displeasure with the report saying it shows zero comparative analysis carried out by the organization.
Zero comparative analysis performed. Heck, zero analysis whatsoever performed. Instead they harangue an industry that spends millions and millions to follow the law. Ask yourself— why? https://t.co/a7VKV0vKR4
— paulgrewal.eth (@iampaulgrewal) January 22, 2024
He noted that without any critical study on issues raised, they are quick to attack the industry that spends millions per year to achieve regulatory compliance.
“Heck, zero analysis whatsoever performed. Instead, they harangue an industry that spends millions and millions to follow the law. Ask yourself— why?”
Grewal also hit back at the report as deceptive because it includes links that admit digital assets are a poor way to dodge international sanctions.
The release admitted that cryptocurrencies have limitations in evading public sanctions as their nature allows them to be traced on public blockchains.
Apart from the decentralized nature of crypto, blockchain technology has been lauded among several institutions including the United Nations as a decentralized public ledger for tracking transactions.
It also stated that the United States Department of Justice (DOJ) has traced transactions by individuals trying to evade Venezuelan oil sanctions, further substantiating that digital assets are not an effective tool for avoiding US sanctions.
Furthermore, he noted US taxpayers funded
