Coinbase’s Chief Legal Officer, Paul Grewal, has publicly criticized the U.S. Government Accountability Office’s (GAO) recent crypto report, calling it ‘shoddy work’ and accusing it of sensationalizing the role of cryptocurrencies in sanctions evasion. Grewal, who joined Coinbase in 2020, took to Twitter to express his dissatisfaction with the report, highlighting several shortcomings in the GAO’s analysis.

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?

Grewal questioned the taxpayer funds allocated to what he deemed as ‘shoddy work,’ particularly criticizing the lack of comparative analysis in the report. He also pointed out that buried within the report were admissions that cryptocurrencies are not an effective means to circumvent sanctions, despite the initial sensationalized claims.

The U.S. GAO’s 63-page report raised concerns about digital assets being used to evade economic sanctions, specifically mentioning Bitcoin as a tool for ‘hiding transactions’ by sanctioned entities. However, the report also acknowledged that many digital assets are recorded on a public ledger, allowing agencies to trace transactions and potentially identify illicit actors.

Grewal’s critique of the report underscores the importance of thorough analysis and accurate reporting in the cryptocurrency industry, highlighting the need for informed discussions and responsible oversight.

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