In a move to navigate the increasingly complex landscape of cryptocurrency regulation, Coinbase has announced the formation of a new global advisory board. The board will include former US lawmakers Patrick Toomey, Tim Ryan, and Patrick Maloney.
According to Coinbase CEO Brian Armstrong, the establishment of the advisory board is an important step in the context of the growing complexity of cryptocurrency regulations in the US and internationally. This announcement comes several months after an investigation by US regulatory agencies.
Welcome @SenToomey, @TimRyan, @JohnAnzo, @RepSeanMaloney, and @chrislehane to the Coinbase Global Advisory Council. Excited to work with you to update the financial system and get regulatory clarity for crypto. https://t.co/lqk38ZudcI
— Brian Armstrong 🛡️ (@brian_armstrong) May 12, 2023
All three lawmakers have been actively involved in introducing legislation related to cryptocurrencies during their time in Congress. Toomey, who served on the Senate Banking Committee, introduced a bill to regulate stablecoins last year. Maloney, who served on the House Agriculture Committee, introduced a version of the Digital Commodity Consumer Protection Act (DCCPA) in the House, which would grant the Commodity Futures Trading Commission the authority to regulate digital commodities.
Ryan and Patrick McHenry, the ranking Republican on the House Financial Services Committee, introduced a bill in 2021 to clarify the language around cryptocurrencies in the infrastructure bill.
In addition to the former lawmakers, Coinbase will also be advised by Chris Lehane, the chief policy officer of investment firm Andreessen Horowitz, and John Anzalone, founder of polling firm Anzalone Liszt Grove Research.
The move comes as Coinbase has been embroiled in a legal battle with the US Securities and Exchange Commission (SEC) for several months. In March, the SEC sent Coinbase a “Wells notice,” threatening the cryptocurrency exchange with legal action related to its staking service, Coinbase Earn, and other products.
SEC Chairman Gary Gensler has repeatedly stated that most cryptocurrencies are securities, calling on cryptocurrency platforms to register with the agency. Coinbase’s new advisory board is expected to help the exchange navigate the complex regulatory landscape and avoid further legal battles with the SEC and other regulators.
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