In a strategic move to bolster its advisory board amidst increasing regulatory pressures, Coinbase Global Inc. has welcomed former U.K. Chancellor of the Exchequer George Osborne as an advisor. This appointment comes at a critical time for the cryptocurrency exchange, which is navigating through heightened scrutiny from regulators in the United States.
The crypto industry has seen a trend of enlisting former politicians to navigate the complex regulatory landscape, and Coinbase is no exception. Osborne’s addition to the team places him among other distinguished political figures on Coinbase’s Global Advisory Board, such as former U.S. Senator Patrick Toomey, ex-U.S. Secretary of Defense Dr. Mark T. Esper, and former U.S. Congressman Sean Patrick Maloney.
Osborne, who served as Chancellor from 2010 to 2016, brings a wealth of experience in government and international affairs. His tenure at BlackRock as an advisor from 2017 to 2021 further solidifies his expertise in the financial sector. Osborne’s enthusiasm for his new role is evident. He remarked on the significant innovations in finance, particularly the transformative impact of blockchains on financial markets and online transactions. He expressed his eagerness to contribute to Coinbase’s mission of shaping a new future in financial services.
Since leaving his government role in 2016, Osborne has not been idle. He continues to hold influential positions, including the chairmanship of the British Museum. His vast experience and connections could be invaluable for Coinbase, especially in light of the legal challenges it faces.
In June of the previous year, Coinbase found itself in legal turmoil when the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against it for offering unregistered securities. The SEC’s allegations extended to several tokens available on Coinbase, suggesting they should be classified as unregistered securities. This legal battle has significant implications for Coinbase and the broader crypto market.
However, there’s a glimmer of hope for Coinbase, as Bloomberg senior litigation analyst Elliott Stein recently assessed a 70% chance of full dismissal for Coinbase in the ongoing SEC lawsuit. With Osborne’s appointment, Coinbase aims to fortify its advisory board, leveraging his extensive experience and insights to navigate the intricate regulatory and legal challenges ahead.
