Coinbase, a leading cryptocurrency exchange, recently announced the launch of its Global Advisory Council, which will include former US lawmakers Patrick Toomey, R-Pa., Tim Ryan, D-Ohio., and Patrick Maloney, D-N.Y. This strategic move aims to help Coinbase navigate the increasingly complex landscape of crypto regulations both in the US and abroad.
During their time in Congress, Toomey, Ryan, and Maloney have all played active roles in introducing crypto-related legislation. Toomey’s past efforts include a bill on stablecoin regulation, while Maloney introduced the House version of the Digital Commodities Consumer Protection Act (DCCPA) – a bill that would have granted the Commodity Futures Trading Commission additional authority to regulate digital commodities. Ryan, in collaboration with House Financial Services Committee Chair Patrick McHenry, R-N.C., introduced a bill in 2021 aiming to clarify a crypto provision in an infrastructure bill.
Besides the former lawmakers, Coinbase’s leadership team will also receive guidance from Chris Lehane, Chief Strategy Officer at venture capital firm Haun Ventures, and John Anzalone, founder of Impact Research Polling. Coinbase CEO Brian Armstrong expressed his excitement on Twitter, stating his eagerness to work with the council to update the financial system and obtain regulatory clarity for crypto.
Coinbase’s move to form an Advisory Council comes amidst ongoing battles with the US Securities and Exchange Commission (SEC). In March, the SEC issued a “Wells notice” to Coinbase, threatening legal actions regarding its staking service Coinbase Earn and other products. Coinbase has responded by asserting that enforcement actions against the exchange would cause unnecessary harm to the public.
On the other hand, SEC Chair Gary Gensler has maintained that most cryptocurrencies fall under the category of securities and urged crypto platforms to register with the agency. This difference in perspective presents a challenge that the newly formed Advisory Council must address.
The creation of Coinbase’s Global Advisory Council not only reflects the growing need for regulatory clarity within the crypto space but also highlights the vital role former lawmakers and industry experts can play in bridging the gap between regulators and innovators. As this council sets out to collaborate with regulators, their efforts could shape the future of cryptocurrency regulations and the industry as a whole. However, striking a balance between embracing the potential of blockchain technology while maintaining regulatory oversight will remain a contentious matter, with potential benefits and drawbacks. Ultimately, the outcome of these discussions will determine the direction the crypto and blockchain industries take, both in the US and around the world.
Source: Cryptonews
