The U.S.-based crypto exchange Coinbase;has established a new Global Advisory Council with several former U.S. lawmakers and crypto industry leaders.
The council will tackle the increasingly complex and evolving crypto landscape globally and advise Coinbase on its crypto policy.
- Coinbase said the council currently has only five members.
- Former Pennsylvania Sen. Patrick Toomey, former Ohio Rep. Tim Ryan, and former New York Rep. Sean Patrick Maloney are ex-U.S. lawmakers who will sit on the council.
- The firm plans to expand the board with a bipartisan group of leaders with deep regulatory expertise.
- The move followed the increased tension between Coinbase and the U.S. Securities and Exchange Commission (SEC).
- The conflict forced the popular crypto exchange to enter intoa legal battle;with the SEC to compel the agency to create a clear framework for digital assets.
- The SEC mainly claims that Coinbase could violate the securitieslaws through its exchange and staking services, while the popular crypto exchange complains about the lack of regulatory clarity in the U.S. that it holds the agency responsible for.
- The tension also caused the firm to intensify its global expansion plans, with its executive team, including the;CEO;Brian Armstrong, visiting the;United Arab Emirates(UAE) for strategic development in the region and a ;new Bermuda-basedinternational derivatives exchange launched for institutional crypto traders outside the U.S.
- Former SEC chair Jay Clayton also currently sits on a different board of Coinbase and advises the firm on its regulatory policy.
- The Seychelles-based crypto exchange similarly;established a global advisory board in October last year to encourage funding globally to the crypto industry, determine a strategic road map to;improve;the exchange, and advise the company on global expansion.