Former UK Chancellor of the Exchequer, George Osborne, has made a significant foray into the cryptocurrency world by joining Coinbase’s advisory council.
This move comes at a time when digital assets are gaining mainstream acceptance, and Coinbase is facing regulatory challenges in the US while pursuing European market expansion.
Osborne, who served as Chancellor from 2010 to 2016 during Prime Minister David Cameron’s tenure, was responsible for the nation’s fiscal and economic policies.
After leaving government, he ventured into investment banking and media.
Coinbase’s Chief Policy Officer, Faryar Shirzad, described Osborne’s appointment as timely, given the company’s global expansion ambitions.
Shirzad emphasized Osborne’s extensive experience in business, journalism, and government, underscoring Coinbase’s reliance on his expertise.
In his advisory role, Osborne will facilitate Coinbase’s engagement with political and regulatory figures worldwide as it strives to promote crypto-friendly policies.
Osborne expressed his enthusiasm for working with Coinbase’s team, recognizing the transformative impact of blockchain technology on financial markets and online transactions.
He sees Coinbase as a pioneer in these developments and aims to contribute to the future of financial services.
While Osborne’s transition from UK Chancellor to Coinbase advisor is noteworthy, it is not an isolated occurrence in the industry.
Recently, several individuals with backgrounds in US financial regulatory bodies have taken advisory roles in the crypto sector.
For example, Peter Marton, formerly the Deputy Superintendent of Virtual Currency at the New York Department of Financial Services, now serves as Director of Digital Identity at Fireblocks.
Likewise, Brian Brookes, formerly the Senior Deputy Comptroller at the US Treasury Department’s Comptroller of the Currency, has joined the Board of Directors at Hashdex, focusing on advising global regulation and attracting institutional investors.
Circle, the issuer of USDC, appointed Heath Tarbert, a former Chairman and Chief Executive of the Commodity Futures Trading Commission, as their Chief Legal Officer and Head of Corporate Affairs. Tarbert had previously served as the Chief Legal Officer at Citadel Securities before joining Circle.
Coinbase faces increased regulatory scrutiny in the US, with the Securities and Exchange Commission (SEC) having filed a lawsuit against the exchange last year, alleging securities law violations—a claim vehemently denied by Coinbase.
This legal dispute is closely monitored within the cryptocurrency industry, as it could determine the extent of the SEC’s regulatory authority over digital assets.
Coinbase argues that the SEC is overstepping its bounds, asserting that the assets on its platform differ from traditional securities.
Despite these challenges, Coinbase has secured licenses to expand its services in various European countries, including France and Spain.
Last year, Coinbase’s CEO, Brian Armstrong, hinted at the possibility of relocating the company if the US regulatory climate and SEC’s stance on crypto companies did not improve, although he later clarified that there were no formal plans to leave the country.