By Bitcoinist - 3 months ago - Reading Time: 2 minutes
Coinbase Scores Big: Former UK Finance Minister Joins Advisory Council
In a strategic move to enhance its regulatory influence, leading cryptocurrency exchange Coinbase has appointed former British finance minister George Osborne as a global advisor.
Osborne’s extensive experience in economic policy and his tenure as Chancellor of the Exchequer from 2010 to 2016 bring valuable expertise to the company’s global advisory council.
Coinbase Chief Policy Officer Welcomes Osborne To Advisory Council
Faryar Shirzad, Coinbase chief policy officer, expressed enthusiasm about Osborne’s addition to the council, highlighting the company’s excitement to collaborate with him during a pivotal time for the exchange in the United Kingdom and globally.
We are very pleased to have @George_Osborne join @coinbase‘s Global Advisory Council. George is one of the most experienced and thoughtful leaders in government and business, and we are grateful to have his advice and counsel as we expand Coinbase around the world.…
— Faryar Shirzad (@faryarshirzad) January 31, 2024
Osborne’s role as an advisor will involve connecting Coinbase with key political figures and regulators, advocating for crypto-friendly regulations that foster innovation and growth in the cryptocurrency industry.
Osborne joins a distinguished panel of advisors, including former US Secretary of Defense Mark Esper and Sen. Patrick Toomey (R-PA), who provide strategic guidance to the crypto exchange’s global expansion.
Strategic Licensing Boosts Exchange’s Global Presence In New Markets
Coinbase’s global expansion has gained momentum, with the company securing licenses in France, Spain, Singapore, and Bermuda. This strategic expansion positions the company to offer its services in new markets, catering to a broader customer base.
However, the company faces regulatory challenges in the United States, where the Securities and Exchange Commission (SEC) has accused Coinbase of violating securities laws.
The company maintains its innocence and is actively addressing these allegations.
In response to the regulatory pressure in the US., Coinbase CEO Brian Armstrong has expressed openness to relocating the company’s operations overseas.
During his tenure as Chancellor of the Exchequer, Osborne implemented various austerity policies aimed at reducing the budget deficit, demonstrating his commitment to fiscal responsibility.
His subsequent roles as editor-in-chief of the Evening Standard newspaper and partner at boutique investment bank Robey Warshaw LLP further underscore his diverse expertise.
At the Innovate Finance Global Summit conference in London, Armstrong emphasized his willingness to invest more abroad, including the possibility of moving from the US to the UK or another jurisdiction with a more favorable regulatory environment for crypto companies.
Despite the challenges posed by regulatory scrutiny in the US, Coinbase said it remains focused on driving innovation and shaping the future of the cryptocurrency industry.
Featured image from Britannica, chart from TradingView
Original source: Bitcoinist