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Coinbase Enlists Legal and Political Heavyweights in Battle With SEC

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Crypto exchange Coinbase welcomes political heavy hitters onto its Advisory Council. Adding legal and intellectual firepower as it defends itself from regulators. For some in the crypto space, the move couldn’t come soon enough.

On Friday, Coinbase, one of the world’s largest cryptocurrency exchanges, announced the launch of its new Global Advisory Council. The body, which includes current and former US lawmakers, will provide “insights and strategic expertise” for the company.

Coinbase Takes Aim at Regulatory Overreach

In a statement, Coinbase made a coded swipe at the increasingly unfriendly regulatory environment in the US. The statement reads: “The creation of the Advisory Council is a significant step for Coinbase as we navigate an increasingly complex and evolving landscape in the US and internationally.”

The Coinbase Advisory Council will feature political heavyweights. Including former Senator Patrick Toomey (R-PA), former Congressman Tim Ryan (D-OH), Chris Lehane from Haun Ventures, former Congressman Sean Patrick Maloney (D-NY), and John Anzalone of Impact Research Polling.

The group will work alongside members of another body, the Coinbase Asset Management Academic and Regulatory Advisory Council. And the latter also includes some prominent names. Among them are former SEC Chair Jay Clayton, as well as former CIA General Counsel Courtney Elwood, Kevin Hassett of the Hoover Institution, and Jon Orszag, Compass Lexecon’s senior managing director.

Coinbase Battles the SEC

The announcement comes as Coinbase is in the midst of a legal showdown with the Securities and Exchange Commission (SEC).

In March, Coinbase received a Wells notice from the SEC, warning of a pending lawsuit over securities law breaches. In response, Coinbase publicly asked for a reply to its petition for rulemaking, aiming to establish appropriate regulation for digital asse

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Author: Josh Adams

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