Crypto exchange Coinbase has recently formed an advisory council in response to the increasingly complex and evolving crypto landscape. The Global Advisory Council features former United States lawmakers and industry leaders, with notable participants such as former Pennsylvania Senator Patrick Toomey, former Ohio Representative Tim Ryan, and former New York Representative Sean Patrick Maloney.
Coinbase’s decision to create this council aims to provide a better understanding of global cryptocurrency policies and help them navigate the intricacies of the market. Currently, the council has only five members, but there are plans to expand with a bipartisan group of leaders who possess deep regulatory expertise. It is worth mentioning that former Securities and Exchange Commission (SEC) chair Jay Clayton is on a separate board for Coinbase, advising the firm on regulatory policy.
This announcement comes amid speculation that the US-based crypto exchange may consider moving its operations outside the country due to a lack of regulatory clarity. Presently, Coinbase is involved in a legal battle with the SEC after receiving a Wells notice in March. In response, they filed a motion in an attempt to push the commission to clarify its position on digital assets.
However, the exchange has made it clear that they chose to establish their business in the United States because they want to be part of the solution. They believe that by embracing the potential of crypto and blockchain technology, America will be better served. This statement demonstrates the commitment towards the development of the cryptocurrency industry in their home country while acknowledging the existing regulatory challenges.
Coinbase has also taken significant steps towards expanding its reach globally. In May, they launched a global derivatives platform, making their services available to users in more than 30 jurisdictions around the world. Notably, CEO Brian Armstrong and other executives visited the United Arab Emirates to evaluate the region as a potential strategic hub for the company’s international operations.
The formation of this influential advisory council showcases Coinbase’s proactive approach to understanding and addressing the complex regulatory environment surrounding cryptocurrencies. While regulatory uncertainty may pose a challenge for businesses in the industry, Coinbase’s willingness to engage with policymakers and industry experts exemplifies their dedication to both crypto enthusiasts and the broader market.
In conclusion, while the establishment of the Global Advisory Council may initially appear to be a defense mechanism against the lack of regulatory clarity, it demonstrates Coinbase’s commitment to ensuring that their operations remain in line with current and future policies. This initiative is likely to benefit not only the exchange but the entire cryptocurrency community. By focusing on regulatory compliance, Coinbase reinforces the importance of working closely with industry leaders and government officials to promote growth and stability within the blockchain sector.
Source: Cointelegraph
