Coinbase Forms Advisory Council with Former Lawmakers to Guide Crypto Regulation

Overview:
• Coinbase has launched a Global Advisory Council to guide its leadership team, and former US lawmakers Patrick Toomey, Tim Ryan and Patrick Maloney have been appointed to the council.
• The three former lawmakers have all introduced crypto legislation during their time in Congress.
• Coinbase is currently embroiled in a legal fight with the US Securities and Exchange Commission over its staking service Coinbase Earn and other products.

Coinbase Launches Advisory Council

Coinbase has launched a Global Advisory Council to guide its leadership team with the aim of navigating an increasingly complex and evolving landscape in the US and internationally. Three former US lawmakers will join this council: Patrick Toomey, R-Pa., Tim Ryan, D-Ohio., and Patrick Maloney, D-N.Y.

Former Lawmakers’ Crypto Legislation

Toomey, Ryan and Maloney were all active in introducing crypto legislation during their time in Congress. Toomey, who used to sit on the Senate Banking Committee, introduced a bill to regulate stablecoins last year. Maloney, who used to be in the House Agriculture Committee, introduced a House version of the Digital Commodities Consumer Protection Act (DCCPA). That bill would have given the Commodity Futures Trading Commission new authorities to regulate “digital commodities” if passed. Lastly, Ryan introduced alongside now House Financial Services Committee Chair Patrick McHenry a bill that aimed clarify a crypto provision within an infrastructure bill last year.

Other Members of Advisory Council

In addition to these three former lawmakers joining Coinbase’s advisory council, Chris Lehane (chief strategy officer at venture capital firm Haun Ventures) and John Anzalone (founder of Impact Research Polling) will also advise Coinbase’s leadership team.

SEC Probe Into Coinbase

Coinbase is currently facing scrutiny from regulators after receiving a “Wells notice” from the US Securities and Exchange Commission (SEC) back in March 2021 as part of an investigation into its staking service Coinbase Earn as well as other products it offers. Coinbase has been pushing back against this action saying that any enforcement action taken against them could “do substantial unnecessary harm to the public” if passed by regulators.

Conclusion

The newly formed Global Advisory Council for Coinbase is comprised of former lawmakers along with other industry professionals that are expected to provide guidance on navigating regulatory landscapes both domestically and internationally while offering insights on how best serve their customers within those frameworks. Despite current legal disputes between coinbase and regulators such as SEC or CFTC, they remain hopeful that through collaboration with regulatory bodies they can continue operating without disruption while working towards making crypto more accessible for all users around the world