• Coinbase has launched a Global Advisory Council to guide its leadership team.
• Former US lawmakers Patrick Toomey, R-Pa., Tim Ryan, D-Ohio., and Patrick Maloney, D-N.Y have joined the council.
• The Council will provide guidance as Coinbase navigates an increasingly complex and evolving landscape in the US and internationally.
Coinbase Launches Global Advisory Council
Coinbase, one of the world’s largest cryptocurrency exchanges, has launched a new Global Advisory Council to provide guidance to its leadership team as it navigates an increasingly complex regulatory landscape in the US and internationally. The council consists of former US lawmakers Patrick Toomey, R-Pa., Tim Ryan, D-Ohio., and Patrick Maloney, D-N.Y who are all active in introducing crypto legislation during their time in Congress. Additionally, Chris Lehane (chief strategy officer at venture capital firm Haun Ventures) and John Anzalone (founder of Impact Research Polling) will be advising Coinbase’s leadership team on legal matters.
Former Lawmakers Join Coinbase’s Council
The former lawmakers have each taken part in introducing crypto legislation during their tenure in Congress. Toomey introduced a bill to regulate stablecoins last year while Maloney proposed the Digital Commodities Consumer Protection Act which would give the Commodity Futures Trading Commission new authorities to regulate “digital commodities”. Furthermore, Ryan alongside House Financial Services Committee Chair Patrick McHenry introduced a bill last year which clarified a crypto provision within an infrastructure bill.
Coinbase Under Investigation
The announcement comes just months after a probe from the U.S Securities and Exchange Commission (SEC) into Coinbase’s staking service Coinbase Earn as well as other products it offers. Upon receiving notice from the SEC that they were facing potential legal action for these services/products offered by them, Coinbase pushed back stating that such an enforcement action would cause “substantial unnecessary harm to the public” should it take place due to how cryptocurrencies are not being regulated yet with clear rules or laws set forth by legislators or regulators alike meaning such enforcement could scare off investors from using cryptocurrencies altogether if gone through with by the SEC .
Coinbase CEO Brian Armstrong Reacts
In response to their newly formed advisory council consisting of both past legislators as well as industry experts such as Chris Lehane and John Anzalone ,CEO Brian Armstrong welcomed them onto board via Twitter saying he was excited to work with them moving forward on updating our current financial system while also getting clarity from regulators on what counts as securities under current laws regarding cryptocurrencies .
Coinbase is taking steps towards working more closely with regulators globally in order for more clarity regarding cryptocurrency regulations worldwide so that more people feel comfortable investing in cryptocurrencies without fear of breaking any laws they were unaware were even there before hand .