Senator Elizabeth Warren used the GAO report to paint crypto in a bad light, while the report’s content offers a contrasting view.
Coinbase chief legal officer Paul Grewal came down heavily on the United States Government Accountability Office over its recent report on crypto use for evading sanctions.
In an X post on Jan. 22, Grewal said that the U.S GAO carried out zero comparative analysis only to “harangue an industry that spends millions and millions to follow the law.” He pointed out that even in the report itself, buried deep in the links behind the clickbait are “admissions that digital assets are a relatively poor way to circumvent sanctions.”
Major government regulatory bodies and policymakers are already either working or have already implemented key frameworks focusing on implementing Anti-Money Laundering guidelines. Europe has already passed the market in crypto assets (MiCA), while Asian countries such as Hong Kong, Japan, and Singapore have also implemented strict regulations for crypto service providers.
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Source: https://cointelegraph.com/news/coinbase-legal-us-gao-report-crypto-sanctions