Coinbase Launches Advisory Council With Former Lawmakers to Guide Crypto Rules

• Former US lawmakers Patrick Toomey, Tim Ryan and Patrick Maloney will join Coinbase’s newly launched Global Advisory Council.
• This comes a few months after a probe from a US regulator and as lawmakers are working on legislation to write rules for crypto.
• The council is expected to help Coinbase navigate an “increasingly complex and evolving landscape” in the US and internationally.

Coinbase Forms Advisory Council

Coinbase, one of the world’s leading cryptocurrency exchanges, has announced the formation of its Global Advisory Council. The council is comprised of former US legislators Patrick Toomey (R-PA), Tim Ryan (D-OH), and Patrick Maloney (D-NY) who have extensive experience in developing crypto-related legislation.

Council Purpose

The purpose of this new council is to provide guidance on the increasingly complex regulatory landscape that Coinbase operates within. It also aims to help them navigate any upcoming rules or regulations for cryptocurrencies, such as stablecoins or digital commodities consumer protection acts.

Significance

The creation of this advisory council is seen as an important step for Coinbase as it looks towards establishing itself in an ever-changing landscape both domestically and globally. CEO Brian Armstrong welcomed the council by stating his excitement to work with them “to update the financial system and get regulatory clarity for crypto”.

Prior Work

Each member of the advisory board has had prior work in introducing cryptocurrency related legislation while they were members of Congress – Toomey on stablecoins last year; Maloney on Digital Commodities Consumer Protection Act; Ryan alongside House Financial Services Committee Chair McHenry on clarifying a crypto provision in an infrastructure bill.

Expertise>In addition to the former lawmakers, Chris Lehane (Chief Strategy Officer at venture capital firm Haun Ventures) and John Anzalone (founder of Impact Research Polling) will be joining the team as advisors, bringing their expertise to bear on this project.

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