Former U.K. Chancellor George Osborne Joins Coinbase as Advisor Amid Regulatory Scrutiny
Summary:
Former U.K. Chancellor of the Exchequer, George Osborne, joins Coinbase Global Inc. as an advisor amidst the crypto company's increasing U.S. regulatory scrutiny. Osborne, along with other seasoned ex-politicians, will add significant value to the company's global expansion plans. His vast experience in government, international affairs, and financial advisement roles, notably with BlackRock, should prove advantageous. This hire comes during Coinbase's ongoing legal tussle with the SEC over alleged offering of unregistered securities.
George Osborne, former U.K. Chancellor of the Exchequer, has been brought onboard as an advisor by Coinbase Global Inc., the cryptocurrency exchange company currently facing rising regulatory pressures in the U.S. The inclusion of Osborne, who is among the leading and notable personalities in government and business, spells optimism for Coinbase's global expansion initiatives.
The recent trend sees crypto firms recruiting ex-politicians as they face rising regulatory challenges. Osborne now shares a seat in Coinbase’s Global Advisory Board with other prominent political personalities such as ex-U.S. Senator Patrick Toomey, prior U.S. Secretary of Defense Dr. Mark T. Esper, and past U.S. Congressman Sean Patrick Maloney.
Osborne's advisory role at Coinbase leans on his vast experience in government and international affairs, notably during his tenure as Chancellor from 2010-2016. He has also given counsel to BlackRock, the world's leading asset manager, from 2017-2021.
In his remarks about joining Coinbase, Osborne cited the transformative effect of blockchains on financial spaces and online transactions, expressing his excitement about their innovative offerings and his eagerness to assist the company in forging new financial service pathways.
Post his government service in 2016, Osborne's roles didn't stagnate. He occupied various prestige positions, one of which includes his ongoing chairmanship at the British Museum.
His wealth of experience would be highly valuable to Coinbase, especially in light of their conflict with the U.S. Securities and Exchange Commission (SEC) last year concerning the alleged offering of unregistered securities. The SEC alleged failures in Coinbase's part to register as a broker, national securities exchange, or clearing agency, thereby evading the securities market disclosure scheme. Furthermore, several tokens offered on the exchange were accused by the SEC of being unregistered securities.
Despite these challenges, Coinbase holds a 70% shot at a complete dismissal in the SEC lawsuit, according to a January 19 post by Elliott Stein, a senior litigation analyst from Bloomberg.
Published At
1/31/2024 6:55:11 PM
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