Coinbase Global Inc. has upped its game by expanding its advisory council with the addition of influential political and financial figures.
This strategic decision comes amidst Coinbase facing legal challenges from US regulators.
The newly appointed members to Coinbase's advisory council include notable personalities such as Chris LaCivita, former campaign manager for Donald Trump, ex-Federal Reserve Bank President William Dudley, former US Senator Kyrsten Sinema, and Allen & Co. Managing Director Luis Alberto Moreno, as reported by Bloomberg.
This move is seen as strategic given the favorable policy changes under the current Trump administration. The President, who previously expressed doubts about cryptocurrencies, has recently taken steps to create a more crypto-friendly regulatory atmosphere with an executive order.
By enlisting prominent figures with regulatory influence, Coinbase seems poised to strengthen its voice in Washington.
This announcement follows a recent spat between the exchange and the US SEC, with Senator Cynthia Lummis criticizing the Commission's heavy-handed approach towards Coinbase, accusing them of hindering innovation and clarity in the crypto space.
Coinbase has been fortifying its roster with high-profile appointments to navigate the legal and regulatory landscape in the US. The company previously bolstered its legal team with the likes of Supreme Court attorney Paul Clement, political strategist Chris Lehane, and finance expert Christa Davies.
Not just limited to regulatory challenges, Coinbase is actively expanding globally. Having secured a license to operate in Argentina, the exchange aims to tap into the burgeoning crypto market in Latin America where economic uncertainties create a demand for alternative financial solutions.
CEO Brian Armstrong has been vocal about Bitcoin's potential in the financial sector, touting it as a superior form of money. Coinbase has also ventured into providing Bitcoin-backed loans to institutional investors, allowing them to leverage their BTC holdings for liquidity without selling.
As the regulatory landscape for digital assets evolves, Coinbase's latest maneuvers demonstrate a proactive stance in shaping cryptocurrency policies and fostering business innovation.