Legal expert John E. Deaton has strongly criticised the US government for transferring a substantial amount of Bitcoin to Coinbase amid ongoing regulatory battles involving the exchange.
The government's move, involving over 3,940 BTC (CRYPTO:BTC) worth $241 million seized from a criminal case, has sparked concerns about transparency and regulatory consistency.
Deaton pointedly questioned the decision to use Coinbase, which faces accusations of illegal business practices according to SEC Chairman Gary Gensler.
His critique highlights perceived contradictions in the government's stance on crypto regulation, suggesting it undermines the SEC's credibility.
Meanwhile, Coinbase has escalated its own legal challenges against the SEC and FDIC, seeking clarity on regulatory matters concerning cryptocurrencies like Ethereum (CRYPTO:ETH).