Crypto exchange Coinbase has deleted a controversial memecoin post targeted at U.S. Senator Elizabeth Warren. On March 13, the crypto exchange took down the post, which provided instructions on “how to buy Elizabeth Whoren,” a controversial token mocking the Massachusetts senator.
Coinbase’s Auto-Generated Page Removed
The meme coin with the description “Elizabeth $whoren meme senator 2024 FIAT currencies are from money laundering” appears to be a direct jab at Warren.
Coinbase: “We’ve included detailed instructions to make it easier for you to buy elizabath whoren.” pic.twitter.com/O96XBV35Zn
— Joe Weisenthal (@TheStalwart) March 13, 2024
The U.S. senator has always raised alarms about cryptocurrency markets’ lack of oversight and potential for illicit use.
Coinbase was pressured after briefly posting the automatically generated informational page with instructions on how to get the “Whoren” token. The exchange later succumbed to widespread criticism by taking down the page.
A spokesperson from Coinbase clarified that such pages are auto-populated based on new third-party crypto token launches.
The exchange representative said the pages do not indicate endorsement or availability to trade on Coinbase’s platform. He also said the controversial page redirects to a generic crypto trading website.
This incident reaffirms the challenges many crypto firms face in moderating inappropriate content and tokens minted on decentralized Blockchain networks outside their control.
Though Coinbase acted immediately after being alerted, some critics argued that more preventive measures are needed.
“Lack of basic legal measures around crypto opens up Americans to countless risks,” said Senator Chris Van Hollen, who has always partnered with Warren on crypto regulatory legislation.
Senator Hollen also noted that crypto exchanges should be treated and governed by the same transparency rules as traditional banks.
He added that this would protect Americans and help ensure digital assets agent used to facilitate illegal behavior by rogue nations and criminal enterprises.
Meme Coin Traders Rally Around ‘Whoren’ Token
While policymakers like Warren seek to regulate crypto, the sector has pushed back. This includes the boosting of the very token that sparked Coinbase’s issues.
Since the meme coin controversy, traders have embraced and driven up the “whoren” token. The token can still be found on decentralized exchanges like Raydium.
Similar tokens mimicking public figures like Warren have previously been launched on the Solana blockchain.
Tokens like “PUTNI,” hinting at Russia’s Vladimir Putin, are some of the trendy Solana meme coins in the crypto space. Another one is “boden,” alluding to U.S. President Joe Biden.
Aside from media hype and community engagements, these tokens have no utility.
Despite her critics, Warren is not backing down on her support for the “Digital Asset Anti-Money Laundering Act.”
The bill addresses the use of cryptocurrency for money laundering by criminal organizations, crisis-torn nations, and other illicit finance activities. Senator Hollen has also defended the proposed legislation.
The “media combat” between Warren and the crypto community was recently outlined in the upcoming Senate Election in Massachusetts, where pro-crypto voters have pledged their support for John Deaton over the incumbent Senator Warren.
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