Coinbase, a prominent cryptocurrency platform, has revamped its Advisory Council by bringing on board four distinguished figures from political and financial sectors. The new appointees include former Senator Kyrsten Sinema, Chris LaCivita (who is also the co-campaign manager for Trump 2024), former New York Federal Reserve President Bill Dudley, and ex-president of the Inter-American Development Bank, Luis Alberto Moreno, as highlighted by Wu Blockchain.
Purpose of the New Appointments
Coinbase is currently facing charges from the SEC for allegedly operating as an unregistered exchange, broker, and clearing agency, suggesting that they engaged in business without suitable registration. The new advisory board members, with their rich political and financial expertise, are seen as ideal assets to help Coinbase navigate these regulatory hurdles. This appointment not only showcases Coinbase’s commitment to compliance but also assures their users of a secure trading environment.
Broad Political Collaboration in the Industry
In addition to enhancing its advisory board, Coinbase has partnered with other entities like Kraken and Ripple to raise approximately $78 million through the crypto political action committee (PAC) known as Fairshake. This collaboration aims to support political candidates in the upcoming 2024 elections who are strong proponents of favorable cryptocurrency regulations.
Impact on the Cryptocurrency Landscape
The recent actions taken by Coinbase highlight a proactive approach to cultivating a regulatory landscape that is conducive to the growth of the crypto sector and promotes widespread acceptance of digital currencies. With such influential and experienced individuals backing them, Coinbase aims to advocate for policies that spur innovation while adhering to existing regulatory standards.
