Coinbase establishes advisory council with former US lawmakers

Former Senator Patrick Toomey, former Representative Tim Ryan, former Representative Sean Patrick Maloney, and others will advise Coinbase on crypto policies.

Following some of its leadership team visiting the United Arab Emirates, crypto exchange Coinbase has announced the formation of an advisory council staffed with many former United States lawmakers and industry leaders

In a May 12 blog post, Coinbase said its Global Advisory Council would aim to navigate the “increasingly complex and evolving” crypto landscape globally. Former Pennsylvania Senator Patrick Toomey, former Ohio Representative Tim Ryan, former New York Representative Sean Patrick Maloney, and other industry insiders will sit on the council and advise the company on crypto policies.

According to Coinbase, the council currently consists of only five members, with plans to expand “with a bipartisan group of leaders with deep regulatory expertise.” Former Securities and Exchange Commission (SEC) chair Jay Clayton sits on a different board for the exchange, advising the firm on regulatory policy.

Related: ‘US has left a vacuum that other countries are eager to fill’: Coinbase

The announcement followed speculation by many that the U.S.-based crypto exchange could be considering moving its operations outside the country amid the lack of regulatory clarity. The exchange is currently in a legal battle with the SEC after receiving a Wells notice in March, prompting Coinbase to file a motion in an attempt to force the commission to clarify its position on digital assets.

“We chose to build in America because we want to be part of the solution and believe America would be best served by embracing the potential of crypto and blockchain technology,” said the May 12 blog post.

Coinbase launched its own global derivatives platform in May, opening its services to users in more than 30 jurisdictions around the world. CEO Brian Armstrong and other executives also visited the United Arab Emirates in May to test the potential of the region as a “strategic hub” for its international operations.

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