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Molly White
Molly White  ·  4 months ago
Coinbase’s Chief Legal Officer called my research “misinformation”, claiming that Coinbase is not a federal contractor despite its multi-million dollar federal contract.

I look forward to the FEC enforcing its longstanding prohibitions against “pay-to-play”.

#crypto #cryptocurrency#Coinbase#Fairshake#USpol#USpolitics

Tweet by paulgrewal.eth (@iampaulgrewal) Aug 1, 2024 6:17 PM 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. Quoted tweet by Molly White (@molly0xFFF) July 30, 2024 5:15PM 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://citationneeded.news/coinbase-campaign-finance-violation/ Tweet by paulgrewal.eth (@iampaulgrewal) Aug 1 2/3 Image: Screenshot of the Code of Federal Regulations § 115.1 Definitions. (a) A Federal contractor means a person, as defined in 11 CFR 100.10 who— (1) Enters into any contract with the United States or any department or agency thereof either for— (i) The rendition of personal services; or (ii) Furnishing any material, supplies, or equipment; or (iii) Selling any land or buildings; (2) If the payment for the performance of the contract or payment for the material, supplies, equipment, land, or building is to be made in whole or in part from funds appropriated by the Congress. Tweet by paulgrewal.eth (@iampaulgrewal) Aug 1 3/3 Screenshot of a portion of the USMS Contract RFP: All funds associated with this RFP will be paid out of the Assets Forfeiture Fund. The Fund receives proceeds from the sale of property
Tweet by paulgrewal.eth (@iampaulgrewal) Aug 1, 2024 6:17 PM 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. Quoted tweet by Molly White (@molly0xFFF) July 30, 2024 5:15PM 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://citationneeded.news/coinbase-campaign-finance-violation/ Tweet by paulgrewal.eth (@iampaulgrewal) Aug 1 2/3 Image: Screenshot of the Code of Federal Regulations § 115.1 Definitions. (a) A Federal contractor means a person, as defined in 11 CFR 100.10 who— (1) Enters into any contract with the United States or any department or agency thereof either for— (i) The rendition of personal services; or (ii) Furnishing any material, supplies, or equipment; or (iii) Selling any land or buildings; (2) If the payment for the performance of the contract or payment for the material, supplies, equipment, land, or building is to be made in whole or in part from funds appropriated by the Congress. Tweet by paulgrewal.eth (@iampaulgrewal) Aug 1 3/3 Screenshot of a portion of the USMS Contract RFP: All funds associated with this RFP will be paid out of the Assets Forfeiture Fund. The Fund receives proceeds from the sale of property
Tweet by paulgrewal.eth (@iampaulgrewal) Aug 1, 2024 6:17 PM 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. Quoted tweet by Molly White (@molly0xFFF) July 30, 2024 5:15PM 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://citationneeded.news/coinbase-campaign-finance-violation/ Tweet by paulgrewal.eth (@iampaulgrewal) Aug 1 2/3 Image: Screenshot of the Code of Federal Regulations § 115.1 Definitions. (a) A Federal contractor means a person, as defined in 11 CFR 100.10 who— (1) Enters into any contract with the United States or any department or agency thereof either for— (i) The rendition of personal services; or (ii) Furnishing any material, supplies, or equipment; or (iii) Selling any land or buildings; (2) If the payment for the performance of the contract or payment for the material, supplies, equipment, land, or building is to be made in whole or in part from funds appropriated by the Congress. Tweet by paulgrewal.eth (@iampaulgrewal) Aug 1 3/3 Screenshot of a portion of the USMS Contract RFP: All funds associated with this RFP will be paid out of the Assets Forfeiture Fund. The Fund receives proceeds from the sale of property
AWARD PROFILE Contract Summary https://www.usaspending.gov/award/CONT_AWD_15M50024FA4400016_1544_15M50024DA4400010_1544 Share Download Delivery Order (DO) PIID 15M50024FA4400016 In Progress (10 months remain) Unlinked Award Awarding Agency Department of Justice (DOJ) Recipient COINBASE INC 550 WEST 34TH STREET 4TH FLOOR NEW YORK, NY 10001-1304 UNITED STATES Congressional District: NY-12 Related Awards Parent Award Unique Key CONT_IDV_15M50024DA4400010_1544 Dates Today Start Date Jul 01, 2024 Current End Date Jun 30, 2025 Potential End Date Jun 30, 2029 $ Award Amounts $7.0 Million Current Award Amount $7.0 Million Obligated Amount $7.0 Million Potential Award Amount Outlayed Amount $0.00 Obligated Amount $6,978,346.66 Current Award Amount $6,978,346.66 Potential Award Amount $6,978,346.66 View Transaction History Description AFD: CRYPTOCURRENCY MANAGED SERVICES - CLASS 1 BASE YEAR POP JULY 1, 2024 TO JUNE 30, 32025 North American Industry Classification System (NAICS)Code 52 : Fin
AWARD PROFILE Contract Summary https://www.usaspending.gov/award/CONT_AWD_15M50024FA4400016_1544_15M50024DA4400010_1544 Share Download Delivery Order (DO) PIID 15M50024FA4400016 In Progress (10 months remain) Unlinked Award Awarding Agency Department of Justice (DOJ) Recipient COINBASE INC 550 WEST 34TH STREET 4TH FLOOR NEW YORK, NY 10001-1304 UNITED STATES Congressional District: NY-12 Related Awards Parent Award Unique Key CONT_IDV_15M50024DA4400010_1544 Dates Today Start Date Jul 01, 2024 Current End Date Jun 30, 2025 Potential End Date Jun 30, 2029 $ Award Amounts $7.0 Million Current Award Amount $7.0 Million Obligated Amount $7.0 Million Potential Award Amount Outlayed Amount $0.00 Obligated Amount $6,978,346.66 Current Award Amount $6,978,346.66 Potential Award Amount $6,978,346.66 View Transaction History Description AFD: CRYPTOCURRENCY MANAGED SERVICES - CLASS 1 BASE YEAR POP JULY 1, 2024 TO JUNE 30, 32025 North American Industry Classification System (NAICS)Code 52 : Fin
AWARD PROFILE Contract Summary https://www.usaspending.gov/award/CONT_AWD_15M50024FA4400016_1544_15M50024DA4400010_1544 Share Download Delivery Order (DO) PIID 15M50024FA4400016 In Progress (10 months remain) Unlinked Award Awarding Agency Department of Justice (DOJ) Recipient COINBASE INC 550 WEST 34TH STREET 4TH FLOOR NEW YORK, NY 10001-1304 UNITED STATES Congressional District: NY-12 Related Awards Parent Award Unique Key CONT_IDV_15M50024DA4400010_1544 Dates Today Start Date Jul 01, 2024 Current End Date Jun 30, 2025 Potential End Date Jun 30, 2029 $ Award Amounts $7.0 Million Current Award Amount $7.0 Million Obligated Amount $7.0 Million Potential Award Amount Outlayed Amount $0.00 Obligated Amount $6,978,346.66 Current Award Amount $6,978,346.66 Potential Award Amount $6,978,346.66 View Transaction History Description AFD: CRYPTOCURRENCY MANAGED SERVICES - CLASS 1 BASE YEAR POP JULY 1, 2024 TO JUNE 30, 32025 North American Industry Classification System (NAICS)Code 52 : Fin
Molly White
Molly White  ·  4 months ago
Coinbase Chief Legal Officer Paul Grewal has responded to the news of the FEC complaint by suggesting I have some shadowy backers funding me.

He’s also complained that we accused Coinbase of having partisan bias in who they support, something we did not allege or imply. We single out the donation to the Congressional Leadership Fund and not its Democratic equivalent because only the former happened within the prohibited period.

#crypto #cryptocurrency#Coinbase#Fairshake#USpol#USpolitics

Tweet thread by Paul Grewal (@iampaulgrewal): Seized crypto assets are not Congressionally appropriated funds, period. There is nothing new in the FEC complaint filed by a self-described crypto critic and Public Citizen’s research director, but it is notable that there is no minimum bar to file such a complaint, and this one – filed by individuals with no election law expertise and funded by who exactly? – appears to amount to a press release by another name. 1/4 @coinbase is proud of its hand-in-glove work with federal law enforcement. We remain committed to playing a trusted role for the U.S. Marshals Service’s cryptocurrency services requirement, which is funded by the sale of assets forfeited to the DOJ’s Assets Forfeiture Fund – not congressionally appropriated tax dollars. 2/4 It’s also worth noting that Coinbase has donated to Dem and GOP super PACs equally with $500K to House and Senate funds for each party, respectively, for 2024. White and Public Citizen appear to want to report a political bias which does not exist. 3/4 Very simply, the world view these researchers espouse in this document is not the law, as much as they wish it was. 4/4
Tweet thread by Paul Grewal (@iampaulgrewal): Seized crypto assets are not Congressionally appropriated funds, period. There is nothing new in the FEC complaint filed by a self-described crypto critic and Public Citizen’s research director, but it is notable that there is no minimum bar to file such a complaint, and this one – filed by individuals with no election law expertise and funded by who exactly? – appears to amount to a press release by another name. 1/4 @coinbase is proud of its hand-in-glove work with federal law enforcement. We remain committed to playing a trusted role for the U.S. Marshals Service’s cryptocurrency services requirement, which is funded by the sale of assets forfeited to the DOJ’s Assets Forfeiture Fund – not congressionally appropriated tax dollars. 2/4 It’s also worth noting that Coinbase has donated to Dem and GOP super PACs equally with $500K to House and Senate funds for each party, respectively, for 2024. White and Public Citizen appear to want to report a political bias which does not exist. 3/4 Very simply, the world view these researchers espouse in this document is not the law, as much as they wish it was. 4/4
Tweet thread by Paul Grewal (@iampaulgrewal): Seized crypto assets are not Congressionally appropriated funds, period. There is nothing new in the FEC complaint filed by a self-described crypto critic and Public Citizen’s research director, but it is notable that there is no minimum bar to file such a complaint, and this one – filed by individuals with no election law expertise and funded by who exactly? – appears to amount to a press release by another name. 1/4 @coinbase is proud of its hand-in-glove work with federal law enforcement. We remain committed to playing a trusted role for the U.S. Marshals Service’s cryptocurrency services requirement, which is funded by the sale of assets forfeited to the DOJ’s Assets Forfeiture Fund – not congressionally appropriated tax dollars. 2/4 It’s also worth noting that Coinbase has donated to Dem and GOP super PACs equally with $500K to House and Senate funds for each party, respectively, for 2024. White and Public Citizen appear to want to report a political bias which does not exist. 3/4 Very simply, the world view these researchers espouse in this document is not the law, as much as they wish it was. 4/4