Coinbase’s Advisory Board Includes A Former Member Of The United States Congress

Key Points:

  • According to this news, which comes a few months after a probe into the company by the US regulatory agency, the former member of Congress in the United States has joined Coinbase’s Advisory Board.
  • Coinbase believes that the formation of the Advisory Board is a critical move for the company, particularly in light of the increasingly complex environment both in the United States and worldwide.
Coinbase’s recently established Global Advisory Board will soon welcome former members of the United States Congress Patrick Toomey, Tim Ryan, and Patrick Maloney.
Coinbase's Advisory Board Includes A Former Member Of The United States Congress

In a statement, the cryptocurrency exchange referred to the formation of an advisory board as “an important step” for the company. “The establishment of the Advisory Board is an important step for Coinbase amid an increasingly complex landscape in the United States and internationally,” the statement read.

The announcement comes several months after the US regulatory agency conducted an investigation. During their time in Congress, Toomey, Ryan, and Maloney all made significant contributions to the introduction of crypto legislation. A plan to regulate stablecoins was initially proposed by Toomey in 2017, when he was a member of the Senate Banking Committee.

Maloney, who was a member of the House Agriculture Committee, was the one who initially proposed the legislation that would become the Digital Goods Consumer Protection Act, or DCCPA for short.

Coinbase's Advisory Board Includes A Former Member Of The United States Congress

This bill, which was first filed in the previous year, would grant the Commodity Futures Trading Commission the authority to regulate “digital commodities.” In 2021, Ryan and Patrick McHenry, who was the chairman of the House Financial Services Committee at the time, submitted a measure to explain the cryptocurrency clause that was included in the infrastructure bill.

According to the exchange, Chris Lehane, who is the chief strategy officer of the venture capital firm Haun Ventures, and John Anzalone, who is the founder of Impact Research Polling, will serve as mentors to Coinbase.

Since the beginning of 2018, Coinbase has been engaged in a heated dispute with the Securities and Exchange Commission of the United States.

In March, the SEC issued a “Wells notice” to Coinbase, in which it threatened the cryptocurrency exchange with legal action concerning its Coinbase Earn staking program as well as other goods.

Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), has stated on multiple occasions that the vast majority of cryptocurrencies can be classified as securities. He has also demanded that cryptocurrency platforms register with the agency.

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