Coinbase CLO Paul Grewal has denied any breach of election campaign finance laws arising from its role in a Marshall Service contract. The crypto exchange faces allegations of breaking rules and is deemed a “federal contractor” but the exchange differs in its views. The run-up to the elections has seen crypto firms donate to several Super PACs and related entities.

Coinbase Denies Allegations

Paul Grewal explained on X (formerly Twitter) that its dealings with the US Marshall Service are not a breach of electoral laws because Coinbase isn’t paid with Congressional-appropriated funds. He noted that seized crypto does not fall under the criteria adding that there’s nothing new filed under the complaint from the crypto critic and Public Citizen.

“There is nothing new in the FEC complaint filed by a self-described crypto critic and Public Citizen’s research director, but it is notable that there is no minimum bar to file such a complaint, and this one – filed by individuals with no election law expertise and funded by who exactly? – appears to amount to a press release by another name.”

Grewal added that the company is proud of its work with Federal law enforcement stressing its role so far. Denying allegations of bias, the CLO explained that the exchange has donated $500,000 to Super PACs for both parties noting that their views are not the position of the law. 

Also Read: India Slaps Binance With $86M Tax Bill

US Elections Draws Crypto Institutions 

Digital asset critic Molly White and Public Citizen filed a Federal Election Commission complaint against Coinbase for an alleged breach. They claim that a $25 million donation to Fairshake Super PAC violated laws as they are a federal contractor. The upcoming United States elections have seen increased participation from crypto firms.

This is due to previous regulatory bottlenecks and lack of rule clarity spurring firms to seek pro-industry candidates. Digital asset executives and other stakeholders have poured funds into Super PACs and other entities leading a new effort to take the industry mainstream. These events have led to notable achievements in the past months.

Also Read: Authur Hayes Issues Dire Warning On Second Wave of Market Crash

The post Coinbase CLO Responds To FEC Complaint, Denies Electoral Bias appeared first on CoinGape.

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Filed under: News - @ August 6, 2024 7:21 am