Coinbase’s chief legal officer has called on U.S. Congress to pass sensible crypto legislation following reports that Hamas has amassed millions in cryptocurrency amid the escalating Middle East conflict. “We need this industry flourishing in nations committed to the rule of law, not driven to places where human rights and public safety mean much less,” the executive stressed.
‘We Need Sensible Crypto Legislation Passed’
The chief legal officer of cryptocurrency exchange Coinbase (Nasdaq: COIN), Paul Grewal, has called on U.S. Congress to swiftly pass sensible crypto legislation as the conflict in the Middle East escalates.
In a post on social media platform X on Wednesday, Grewal opined: “What’s happened in and to Israel is evil. No funds should EVER be used to support Hamas or any other organization responsible [for the war] — whether those funds are in the form of fiat currency, gold, crypto, or whatever.” In a follow-up post on X, the Coinbase executive emphasized:
That’s also why we need sensible crypto legislation passed here in the United States without further delay. We need this industry flourishing in nations committed to the rule of law, not driven to places where human rights and public safety mean much less.
Currently, the U.S. Securities and Exchange Commission (SEC) sees all crypto tokens, except bitcoin, as securities, bringing crypto platforms under its regulatory purview. However, many contend that the SEC’s regulations pertaining to cryptocurrencies lack clarity, and SEC Chairman Gary Gensler has adopted a litigation-heavy approach to regulate the industry. Additionally, the SEC has lost several legal battles against crypto firms, including Ripple Labs and Grayscale Investments.
Grewal’s statement on Wednesday followed reports claiming that Hamas had received approximately $41 million in cryptocurrency over a two-year period. As per the Israel Police, the militant organization used crypto exchange Binance for fundraising. The Israel Police announced on Tuesday that they had frozen crypto accounts at Binance allegedly used by Hamas along with a bank account at British bank Barclays.
The Coinbase chief legal officer proceeded to emphasize that his crypto exchange “has been laser-focused on rooting out bad actors seeking to use crypto for illicit purposes.” He added: “We do all we can — KYC checks, sanctions screening, SAR reporting, strong law enforcement partnerships, you name it — so this doesn’t happen on our platform.”
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