Tornado Cash

Read

Zero

Tornado

<div class="cryptonews">
 <p class="is-style-lead">Coinbase CLO Paul Grewal slammed the U.S. GAO’s crypto report as ‘shoddy work,’ accusing it of sensationalizing crypto’s role in sanctions evasion.</p>
 <p>Coinbase‘s Chief Legal Officer Paul Grewal has publicly criticized the U.S. Government Accountability Office’s (GAO) recent crypto report, accusing it of clickbaiting the topic of crypto usage in sanctions evasion. Grewal, who joined Coinbase in 2020, highlighted in an X thread several shortcomings in the GAO’s analysis and questioned the taxpayer funds allocated to what he called “shoddy work.”</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">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</p>— paulgrewal.eth (@iampaulgrewal) January 22, 2024
   </blockquote>
  </div>
 </figure>
 <p>The Coinbase CLO particularly expressed dissatisfaction with the GAO’s approach, stating, “zero comparative <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> performed. Heck, zero <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> whatsoever performed.” Grewal also questioned the GAO’s decision to criticize the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> industry, given that it spends “millions and millions to follow the law.”</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Crypto mixer Tornado Cash laundered over $550m in 2023 despite sanctions
 </div>
 <p>Further criticizing the GAO’s findings, Grewal pointed out that buried within the <a rel="noopener noreferrer nofollow" title="report" href="https://thebittimes.com/tag/report.html">report</a>, beneath what he referred to as “clickbait,” were admissions that <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies are, in fact, an ineffective means to circumvent <a rel="noopener noreferrer nofollow" title="sanction" href="https://thebittimes.com/tag/sanction.html">sanction</a>s. This contradiction, according to Grewal, raises concerns about the reliability and thoroughness of the GAO’s <a rel="noopener noreferrer nofollow" title="report" href="https://thebittimes.com/tag/report.html">report</a>.</p>
 <blockquote class="wp-block-quote">
  <p>“This would be merely embarrassing for taxpayers but for the fact that taxpayers have funded this shoddy work. That’s the smell of the people’s money being burned.”</p>
  <p>Paul Grewal</p>
 </blockquote>
 <p>The U.S. GAO’s recent 63-page report on crypto raises concerns that digital assets can be used as a tool to evade economic sanctions. The report particularly notes that assets like Bitcoin (BTC) can be used by sanctioned entities to “hide their transactions.”</p>
 <p>While the report highlights the challenges faced by federal agencies in monitoring and enforcing sanctions in the evolving landscape of cryptocurrency use, it also concludes that “many digital assets are recorded on a public ledger, which may enable U.S. agencies and analytics firms to trace transactions and potentially identify illicit actors.”</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Treasury wants to sanction defi with its latest efforts, TRM Labs says
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/coinbase-s-grewal-scrutinizes-us-gao-s-report-on-crypto-s-role-in-sanctions-evasion-tbt77268.html">https://thebittimes.com/coinbase-s-grewal-scrutinizes-us-gao-s-report-on-crypto-s-role-in-sanctions-evasion-tbt77268.html</a></p>

Coinbase’s Grewal scrutinizes US GAO’s report on crypto’s role in sanctions evasion

TheBitTimes

Other articles published on Jan 22, 2024

Magpie Embarks on New Ventures with EigenLayer and SubDAO Eigenpie

Join Us for Sui Basecamp, the Premier Sui and Move Event of the Year

Crypto Prices Today: Bitcoin & Pepe Coin Dip As MANTA Leads Rally

Honda partners with Animoca Brands to develop automotive gameplay in Web3

Ethereum Exhibits Resilience Amid Market Fluctuations

XRP Fights to Flip Key Resistance Amid Intense Crypto Sell-Off

Join our free newsletter for daily crypto updates!