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๐Ÿš€ DeFi, Web 3, Tech enthusiasts! Coinbase's Chief Legal Officer, Paul Grewal, is calling out the US Government Accountability Office (GAO) for its recent report on crypto use in evading sanctions. ๐Ÿ˜ฑ Grewal claims the GAO failed to conduct a meaningful comparative analysis and targeted an industry that's heavily invested in compliance. ๐Ÿค” He even pointed out that the report admits digital assets aren't effective for circumventing sanctions. ๐Ÿคท Despite the report's limitations, Senator Elizabeth Warren used it to push for stricter AML regulations. Critics argue that the proportion of crypto used for illicit activities is less than 1% of the total circulating supply, much lower than fiat currencies like the US dollar. ๐Ÿ’ต What do you think about the GAO report and its impact on the crypto industry? Share your thoughts in the comments! ๐Ÿ—ฃ๏ธ #DeFi #Web3 #CryptoRegulation

๐Ÿš€ DeFi, Web 3, Tech enthusiasts! Coinbase's Chief Legal Officer, Paul Grewal, is calling out the US Government Accountability Office (GAO) for its recent report on crypto use in evading sanctions. ๐Ÿ˜ฑ

Grewal claims the GAO failed to conduct a meaningful comparative analysis and targeted an industry that's heavily invested in compliance. ๐Ÿค” He even pointed out that the report admits digital assets aren't effective for circumventing sanctions. ๐Ÿคท

Despite the report's limitations, Senator Elizabeth Warren used it to push for stricter AML regulations. Critics argue that the proportion of crypto used for illicit activities is less than 1% of the total circulating supply, much lower than fiat currencies like the US dollar. ๐Ÿ’ต

What do you think about the GAO report and its impact on the crypto industry? Share your thoughts in the comments! ๐Ÿ—ฃ๏ธ #DeFi #Web3 #CryptoRegulation

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