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Coinbase Chief Legal Officer (CLO) Paul Grewal is urging the Wall Street Journal (WSJ) to right its report following latest statements from U.S. Treasury officers affirming that Hamas has not been concerned in terrorism by way of crypto financing. Furthermore, the Coinbase CLO expressed that such misinformation might result in deceptive selections whereas framing the regulatory framework for crypto.

Coinbase CLO’s Stance On Misleading Data By WSJ

In a publish on X Grewal emphasised Treasury’s stance, stating, “Treasury could not have been clearer that when it comes to illicit finance, cash is king.” Moreover, Coinbase CLO connected a video whereby U.S. Congressman French Hill stated, “Just yesterday, here in this room, Undersecretary Nelson testified that bad actors still prefer to use traditional finance rather than digital assets.”

When will we see the report corrected @WSJ? 3/3

— paulgrewal.eth (@iampaulgrewal) February 15, 2024

Additionally, Grewal referenced profitable worldwide collaboration with Israeli regulation enforcement, quoting Mr. Nelson’s affirmation of prior studies that restricted use of crypto by Hamas forward of assaults towards Israel. He warned towards the unfold of misinformation about crypto, asserting, “Misinformation on US-based crypto isn’t just irresponsible – its potential to sway policy can be dangerous to national security.”

To conclude the thread on X, the Coinbase CLO questioned WSJ and wrote, “When will we see the record corrected?” Grewal’s name for correction is available in response to a earlier WSJ report that recommended Hamas was concerned in crypto terrorism, a declare now contradicted by Treasury statements.

Also Read: JPMorgan Upgrades Coinbase as Bitcoin Surges

What’s The WSJ & Hamas Crypto Use Controversy About?

The U.S. Treasury undersecretary for terrorism and monetary intelligence, Brian Nelson, testified earlier than the House Financial Services Committee, asserting that the reported ties between crypto funds and terrorist teams have been misconstrued. He acknowledged, “We don’t expect the number is very high,” referring to the precise quantity of crypto property reaching these teams. Thus, debunking the WSJ information that tens of hundreds of thousands of {dollars} price of crypto have been utilized by Hamas for terrorism.

Despite preliminary claims, Nelson clarified that terrorists primarily depend on conventional monetary channels for help. He famous, “Terrorists still prefer, frankly, to use traditional products and services.” Moreover, Representative Tom Emmer pressed Nelson on the problem, prompting him to affirm that the connection between digital property and terrorism is just not as important as beforehand reported.

Furthermore, Emmer urged the Treasury to formally right the report, citing issues about legislative selections being primarily based on inaccurate data. Nelson emphasised the necessity for enhanced instruments and sources to fight illicit finance in digital asset markets, expressing a willingness to collaborate with Congress on addressing these challenges.

Also Read: Coinbase Stock Rallies 7% Pre-Market, Will Earnings Beat Wall Street Estimates?

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