Leading cryptocurrency exchange Coinbase has announced the establishment of a Global Advisory Council consisting of former US lawmakers and industry leaders. The council, which aims to navigate the complex and evolving global crypto landscape, will provide Coinbase with valuable insights and guidance on crypto policies. Notable members include former Senator Patrick Toomey, former Representative Tim Ryan, and former Representative Sean Patrick Maloney, among others.
At present, the advisory council comprises five members, with plans to expand further by including a bipartisan group of leaders with extensive regulatory expertise. It’s worth noting that former Securities and Exchange Commission (SEC) Chair Jay Clayton already serves on a separate board, advising Coinbase on regulatory policy matters.
This move comes amidst speculation about Coinbase potentially considering relocating its operations outside the United States due to the lack of regulatory clarity. The exchange is currently embroiled in a legal battle with the SEC following a Wells notice it received in March. Coinbase has sought clarification from the commission on its stance regarding digital assets by filing a motion.
Coinbase reaffirmed its commitment to building in the United States, stating that it aims to be part of the solution and believes in embracing the potential of crypto and blockchain technology within the country. The exchange recently launched its own global derivatives platform, expanding its services to users in over 30 jurisdictions worldwide. Additionally, Coinbase’s CEO Brian Armstrong and other executives have explored the United Arab Emirates as a potential strategic hub for their international operations during a recent visit.