- It will include former U.S. lawmakers
- The council will play a key role in working with regulators
Cryptocurrency exchange Coinbase announced an advisory board that will consist of former United States lawmakers.
Current members include former Senator Patrick Toomey, former Congressman Tim Ryan, Haun Ventures chief strategy officer Chris Lehane, former Congressman Sean Patrick Meloni, and Impact Research Polling founder John Anzalone.
They will consult on cryptocurrency policy. In a statement, Coinbase writes:
“The Advisory Board will strengthen our efforts with stakeholders across the community.
As we seek to responsibly deploy cryptocurrency to help make the financial system more open, accessible and fair.
We also want to make the case that cryptocurrency and blockchain will start a new era of DeFi-protocol-based internet.”
While there are only 5 people on the board so far, it plans to expand with “a bipartisan group of leaders with deep regulatory experience.”
In addition, the agency will work with former SEC chief Jay Clayton, former CIA general counsel Courtney Elwood and several other distinguished individuals.
This announcement comes after the regulatory climate in the United States has become less than favorable.
And because of this, the exchange may consider moving its operations out of the country. Coinbase is currently in litigation with the SEC.
“We decided to build in the United States and believe that America will be better off by harnessing the potential of cryptocurrency and blockchain.
Our new Advisory Board will play a key role in working with regulators to achieve this goal, but this is just the beginning,” Coinbase said in a statement.