Category: economy

Coinbase to US: Embrace blockchain if you want to fight crime on it

Chief legal officer Paul Grewal said in his letter to Treasury that money laundering schemes have become increasingly sophisticated and law enforcement needs advanced technologies to counter them. Crypto exchange Coinbase has urged the US government to use blockchain analytics, artificial intelligence and other modern technology to curb financial crime in the space, in response to the Treasury’s request for comment on how to deter illicit activity in crypto. In the letter penned by chief legal officer Paul Grewal, dated Oct. 17 and shared to X on Monday, he argued money laundering schemes have become increasingly sophisticated through the use of advanced technologies, and law enforcement needs to follow suit to counter them. “Doing so would support a primary objective of the Anti-Money Laundering Act of 2020, which sought to modernize the Bank Secrecy Act,” he added. Read more.