Coinbase Global Inc. has appointed former UK Treasury Secretary George Osborne as an adviser as the cryptocurrency exchange faces growing scrutiny from regulators in the United States.
We are very pleased to have @George_Osborne join @coinbase's Global Advisory Council. George is one of the most experienced and thoughtful leaders in government and business, and we are grateful to have his advice and counsel as we expand Coinbase around the world.…
— Faryar Shirzad ️ (@faryarshirzad) January 31, 2024
Cryptocurrency companies are increasingly hiring former politicians amid growing pressure from regulators. Osborne joins several other prominent political figures on Coinbase's Global Advisory Council, including former US Senator Patrick Toomey, former US Secretary of Defense Dr. Mark T. Esper and former US Congressman Sean Patrick Maloney.
The former Chancellor of the Exchequer has significant experience in government and international affairs, having served as Chancellor from 2010 to 2016. Osborne also served as an advisor to BlackRock, the world's largest asset manager, from 2017 to 2021.
There's a ton of exciting innovation happening in finance right now,” Osborne said of his appointment at Coinbase. “Blockchains are transforming financial markets and online transactions. Coinbase is at the forefront of these developments. I look forward to working with this team as they build a new future in financial services.”
Osborne has not rested on his laurels since leaving his government post in 2016. He held many high positions and is still Chairman of the British Museum and
The former chancellor's experience could prove useful to Coinbase, which was sued by the U.S. Securities and Exchange Commission (SEC) last June for offering unregistered securities. The financial regulator said Coinbase never registered as a broker, national securities exchange or clearing agency, evading the securities markets disclosure scheme.
The Securities and Exchange Commission (SEC) also stated that several tokens offered on the exchange include Solana, Cardano, Polygon, Filecoin, The Sandbox, Axie Infinity, Chiliz, Flow, Internet Computer, Near, Voyager Token, Dash and Nexo , qualify as unregistered securities.
According to a Jan. 19 report from Bloomberg senior litigation analyst Elliot Stein, Coinbase has a 70% chance of outright dismissal of the SEC's lawsuit.
Related: 18 US Senators Now 'Pro-Cryptocurrency' – Coinbase Lobbying Group