Coinbase rejects Senator Murphy’s claims of Trump favoritism as ‘ridiculous’

Coinbase, through its Chief Policy Officer Faryar Shirzad, strongly rejected allegations made by Democratic Senator Chris Murphy on X. Murphy claimed that Coinbase benefited from political favoritism under President Trump, specifically suggesting that the company's political donations, including a $46 million contribution and a recent donation toward a new White House ballroom, influenced the SEC's decision to drop its lawsuit against the exchange earlier this year. Shirzad called the claims "ridiculous," arguing that the crypto industry's PAC, Fairshake, is nonpartisan and supports Democrats, and that inaugural donations are standard practice across administrations. He defended the ballroom contribution as being made through the Trust for the National Mall and stated the SEC dropped the case on its merits, suggesting Murphy dislikes the industry itself. Shirzad also pointed to the innovation spurred by the passage of the GENIUS Act, which Coinbase endorsed.

This incident follows a similar dispute between Senator Murphy and Binance.US regarding the listing of the USD1 stablecoin, which the exchange also denied was politically motivated.

(Source：The Block)