Coinbase has launched a Global Advisory Council to help guide its leadership team, with former US lawmakers Patrick Toomey, Tim Ryan, and Patrick Maloney joining the council. The announcement follows a regulatory probe from US regulators and lawmakers working on legislation to write rules for crypto. Toomey, Ryan, and Maloney were all active in introducing crypto legislation during their time in Congress. Toomey introduced a bill to regulate stablecoins last year, while Maloney introduced a House version of the Digital Commodities Consumer Protection Act. Ryan introduced a bill in 2021 to clarify a crypto provision in an infrastructure bill. Coinbase CEO Brian Armstrong welcomed the council on Twitter, stating that he was excited to work with them to update the financial system and get regulatory clarity for crypto.
In addition to the former lawmakers, Coinbase leadership will also be advised by Chris Lehane, chief strategy officer at venture capital firm Haun Ventures, and John Anzalone, founder of Impact Research Polling. Coinbase said that the creation of the Advisory Council is a significant step for the company as it navigates an increasingly complex and evolving landscape in the US and internationally. The exchange also stated that they chose to build in America because they want to be part of the solution and believe America would be best served by embracing the potential of crypto and blockchain technology.
Coinbase has been embroiled in a fight with the US Securities and Exchange Commission (SEC) for months, with the SEC threatening the crypto exchange with legal actions in connection to its staking service Coinbase Earn and other products. Coinbase has pushed back, stating that an enforcement action against the exchange would “do substantial unnecessary harm to the public.” Meanwhile, SEC Chair Gary Gensler has repeatedly said that most cryptocurrencies are securities while calling on crypto platforms to register with the agency. Coinbase’s new Advisory Council will play a key role in helping the company work with regulators to achieve the goal of updating the financial system and obtaining regulatory clarity for crypto.