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After part of its leadership visited the United Arab Emirates, cryptocurrency exchange Coinbase announced the formation of an advisory board that includes many former US lawmakers and industry leaders.
A May 12 Coinbase blog post said its Global Advisory Board will seek to navigate the “increasingly complex and evolving” world of cryptocurrencies. Former Pennsylvania Senator Patrick Toomey, former Ohio State Representative Tim Ryan, former New York State Representative Sean Patrick Maloney and other industry insiders will sit on the board and advise the company on cryptocurrency policy.
The board currently has just five members, according to Coinbase, and plans to expand with “a bipartisan group of leaders with deep regulatory expertise.” Former Securities and Exchange Commission (SEC) chairman Jay Clayton serves on the exchange’s other board, advising the firm on regulatory policy.
On the subject: “The US has left a vacuum that other countries are seeking to fill”: Coinbase
The announcement follows speculation by many that the US-based cryptocurrency exchange may consider moving its operations outside the country due to a lack of regulatory clarity. The exchange is currently in a legal battle with the SEC after receiving a Wells notice in March, prompting Coinbase to file a motion in an attempt to force the commission to clarify its stance on digital assets.
“We chose to build in America because we want to be part of the solution and believe that America would be best served by harnessing the potential of cryptocurrencies and blockchain technology,” reads a May 12 blog post.
In May, Coinbase launched its own global derivatives platform, opening up its services to users in more than 30 jurisdictions around the world. CEO Brian Armstrong and other executives also visited the United Arab Emirates in May to test the region’s potential as a “strategic hub” for its international operations.
