Coinbase creates high-profile regulatory advisory council

Coinbase has formed a Global Advisory Council with three former U.S. lawmakers to navigate the complex and evolving crypto regulatory landscape.

In a response to the rapidly shifting regulatory landscape of cryptocurrency, Coinbase, is now collaborating with three former U.S. legislators.

These individuals will form the company’s inaugural Global Advisory Council. The council is composed of ex-senator Patrick Toomey and former democratic representatives Tim Ryan and Sean Patrick Maloney.

According to Coinbase’s recent communication, the formation of this council represents a significant stride in handling evolving regulatory challenges, not just domestically, but on a global scale.

This initiative is a part of Coinbase’s continual efforts to establish a more positive relationship with U.S. regulators and to promote the integration of crypto and blockchain technologies into the U.S. economic infrastructure.

This move by Coinbase mirrors a similar initiative undertaken by Binance, another major player in the crypto industry, which created an advisory board back in September 2022.

Furthermore, Coinbase’s newly formed council is set to closely coordinate with an existing advisory board, which includes prominent figures like Jay Clayton, the former SEC Chair, and Courtney Elwood, who served as General Counsel for the CIA.

This development comes in light of Coinbase’s recent announcement of international expansion, with Bermuda being the first country to host their operations. This expansion follows the issuance of a Wells notice by the SEC, alleging securities violations by Coinbase.