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Developments in the cryptocurrency market have led platforms to take different measures. According to the announcement made by Coinbase on November 7th, the Global Advisory Council has been expanded with four national security experts. The new members joining the council will help address the impact of regulatory uncertainties in the United States on the cryptocurrency exchange.
Coinbase’s Remarkable Step
Coinbase aims to gain a more strategic tone with the council, which is being addressed by the company. The former names in the council are as follows: Former US Secretary of Defense Mark Esper, former congresswoman and national security expert Stephanie Murphy, and Frances Townsend, former Homeland Security Advisor to President George W. Bush and former CEO of the BRG Group.
The new council members are former US congressmen Patrick Toomey, Tim Ryan, and Sean Patrick Maloney. In addition to these names, the original members of the council include Chris Lehane, Strategy Director of Haun Ventures, and John Anzalone, Founder of Impact Research Polling.
Global Advisory Council was considered as the third advisory council operating at Coinbase in May. The other councils are related to asset management and regulatory matters. Among the council members are former Chairman of the Securities and Exchange Commission Jay Clayton and former CIA General Counsel Courtney Elwood. All the councils within Coinbase have a bipartisan structure.
How are Council Structures Determined?
The stated purpose of the new appointments is to examine the results of regulatory uncertainty for the cryptocurrency market in the United States. Coinbase has a notable international perspective on this matter. Coinbase officials included a statement titled “Defending American Leadership: A National Security Example for Crypto and Blockchain” in their steps.
Despite the ongoing dispute with the SEC, Coinbase CEO Brian Armstrong demonstrated his determination to keep the San Francisco-based exchange in the country, even while the possibility of the US distancing itself from the crypto industry is on the agenda. Coinbase has also started expanding its operations abroad. However, these efforts undertaken by the team can fail multiple times, as seen recently in Kazakhstan.
