Following the visit of some members of its management team to the United Arab Emirates, Coinbase has announced the creation of an advisory council made up of several former US lawmakers and industry leaders.
In a blog post on May 12, Coinbase said its Global Advisory Council would aim to navigate the “increasingly complex and ever-changing” cryptocurrency landscape globally. Former Pennsylvania Senator Patrick Toomey, former Ohio Representative Tim Ryan, former New York Representative Sean Patrick Maloney and other industry experts will serve on the council and advise the company on cryptocurrency policy.
According to Coinbase, the council currently consists of just five members, with plans to expand “with a bipartisan group of leaders with deep regulatory experience.” Former Chairman of the Securities and Exchange Commission (SEC), Jay Clayton, he sits on another board at the exchange, which advises the company on regulatory policy.
The announcement came after many speculated that the US-based exchange was considering moving its operations out of the country due to a lack of regulatory clarity. The exchange is currently in a legal battle with the SEC after receiving a Notice from Wells 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 the United States because we want to be part of the solution and believe that the United States would be better 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 from more than 30 jurisdictions around the world. CEO Brian Armstrong and other executives too visited the United Arab Emirates in May to test the region’s potential as a “strategic hub” for its international operations.
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