Coinbase Responds to Senator Murphy's Accusation of 'Favoritism Towards Trump'

Coinbase's Response to Allegations: Coinbase's Chief Policy Officer, Faryar Shirzad, refuted U.S. Senator Chris Murphy's claims that the exchange benefited from political favoritism under Trump, stating that their political donations were made through a nonpartisan PAC and were standard corporate practices.

Senator Murphy's Accusations: Senator Murphy accused Coinbase of influencing the SEC's decision to drop a lawsuit against them through significant political donations, including $46 million in spending and contributions to Trump's inauguration and a White House ballroom project.

Political Tensions in Crypto: The controversy surrounding Coinbase follows similar accusations against Binance.US, highlighting increasing political scrutiny over cryptocurrency's influence in U.S. policymaking and campaign finance.

Proposed Legislative Action: In response to the growing concerns, U.S. Representative Ro Khanna announced plans to introduce a resolution to ban the President, their family, and Congress members from trading cryptocurrencies or stocks to restore public trust and prevent conflicts of interest.