- It will include former US lawmakers
- The Council will play a key role in cooperation with regulators
Cryptocurrency exchange Coinbase announced on the establishment of an advisory board, which will be composed of former legislators of the United States. It currently consists of former Senator Patrick Toomey, former Congressman Tim Ryan, Haun Ventures Chief Strategy Officer Chris Lehane, former Congressman Sean Patrick Meloni, and Impact Research Polling founder John Anzalone. They will conduct consultations on cryptocurrency policy issues.
In a statement, Coinbase writes:
“The Advisory Board will enhance our efforts with stakeholders across the community. As we strive to responsibly deploy cryptocurrencies to help make the financial system more open, accessible and fair. We also want to prove that cryptocurrency and blockchain will start a new era of the Internet based on DeFi protocols.”
While the council currently has only 5 members, it is planned to expand it with “a bipartisan group of leaders with deep regulatory experience.” In addition, the agency will partner with former SEC chief Jay Clayton, former CIA general counsel Courtney Elwood, and several other high-profile individuals.
Such a statement followed after the regulatory climate in the United States became not too favorable. And because of this, the exchange may consider moving its operations outside the country. Coinbase is currently in a legal battle with the SEC.
“We decided to build in the United States and we believe that America will be better off if we use the potential of cryptocurrencies and blockchain. Our new Advisory Board will play a key role in working with regulators to achieve this, but this is just the beginning.‘, Coinbase said in a statement.
