Coinbase, one of the world’s most prominent cryptocurrency exchanges, has welcomed a team of prominent individuals into its Global Advisory Council. The council, which consists of current and former US lawmakers, legal professionals, and business experts will provide the exchange with knowledge and strategic advice in navigating the complex, changing landscape of the crypto industry. In addition, Coinbase has also appointed an Academic and Regulatory Advisory Council to support the exchange's operations and promote compliance with local laws.
The move comes as Cryptocurrency is currently facing increasing pressure from regulators around the world, particularly in the US. In March this year, Coinbase received a Wells notice from the Securities and Exchange Commission (SEC), suggesting a possible breach of securities law. In response, Coinbase made an appeal for a prompt and thorough reply to its petition for rulemaking, to create appropriate regulations for digital assets. Coinbase CEO Brian Armstrong has not been shy about speaking critically of the SEC in particular and their approach to regulating the digital asset industry.
Meanwhile, the US Chamber of Commerce has stepped in in support of Coinbase, filing an amicus brief and accusing the SEC of deliberately causing uncertainty in the industry in an effort to curb its growth. The Chamber of Commerce claims that a rule-based approach rather than an enforcement-based approach would better serve the digital asset industry.
Coinbase’s heavy hitters from the legal, political, and business spheres are likely to lend both short-term and long-term significance to the exchange, by helping the company to better protect itself and its customers from uncertain regulations and changing environments, as well as providing valuable knowledge when it comes to expanding Coinbase’s operations and furthering the industry as a whole. With a more informed outlook, the exchange should be more prepared when it comes to navigating the ever-changing landscape of cryptocurrency and the blockchain.
Sarah Walker
- 2023-05-12
Coinbase Appoints Advisory Councils to Meet Crypto Compliance Guidelines
Coinbase, one of the world’s leading cryptocurrency exchanges, has established both a Global Advisory Council and an Academic and Regulatory Advisory Council to navigate the changing regulations of the cryptocurrency industry and better protect Coinbase’s customers.
