Key Takeaways:
- Coinbase’s chief legal officer, Paul Grewal, denied accusations of violating campaign finance laws with a $25 million donation to a super PAC.
- Grewal clarified that Coinbase is not considered a federal contractor under the relevant regulatory clause and that the donation funds came from the Assets Forfeiture Fund.
- The Fairshake Super PAC, which received the donation, advocates for blockchain innovation and has raised over $202 million this year.
Coinbase’s chief legal officer, Paul Grewal, denied allegations that the crypto exchange violated campaign finance laws with a $25 million donation to a super political action committee (PAC).
Crypto skeptic Molly White accused Coinbase of making the donation while negotiating a federal contract, which would be illegal.
SCOOP: Coinbase appears to have violated campaign finance laws with a $25 million donation to the Fairshake cryptocurrency super PAC, made while they were in active negotiations for a federal government contract.https://t.co/wbfxrffAVi
— Molly White (@molly0xFFF) July 30, 2024
Grewal responded, stating Coinbase is not a federal contractor under the specific clause of the Code of Federal Regulations.
He emphasized that the funds came from the Assets Forfeiture Fund, not appropriated funds.
1/3 Whether intentional or not, this is misinformation. Coinbase is not a federal contractor under the plain language of 11 CFR 115.1. USMS isn’t paying us with appropriated funds—something it made clear in the public RFP. https://t.co/72T22m8rI5
— paulgrewal.eth (@iampaulgrewal) August 1, 2024
The Fairshake Super PAC, which received Coinbase’s donations, supports blockchain innovation and has raised over $202 million this year.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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