Companies, especially US-based cryptocurrency companies, have long needed experienced legal professionals. One of America’s renowned lawyers will now support Coinbase in its regulatory battles. Over the years, the exchange has hired many regulatory agency employees.
Coinbase News
After Binance US was toppled by regulators, Coinbase became the largest US-based cryptocurrency exchange by volume. However, this exchange also has to fight regulators because the SEC generally does not differentiate among crypto companies. For example, unless you are SBF of FTX, they don’t bother you before you defraud millions of people.
Former Attorney General of the Bush administration and experienced Supreme Court lawyer Paul Clement will now serve on Coinbase’s board. Among those joining the team is also an employee from OpenAI. Paul, with a 30-year career and over 100 cases before the Supreme Court, will now use his experience for Coinbase.
Coinbase Case
The exchange has issues to resolve. Since the SEC defines almost every altcoin as a security, it has long targeted anyone who ignores its warnings regarding trading and staking services. Coinbase is included in this. Pat Toomey (former Senator) on the exchange’s global advisory board said:
“Coinbase is the gold standard of crypto exchanges because it attracts the best and brightest talents at every level. Paul Clement is no exception. Adding one of our generation’s sharpest legal minds to the board shows that Coinbase is doubling down on its fight for clear rules for crypto.”
For Paul, who wrote an opinion stating that the exclusion of Custodia Bank by the Fed was unconstitutional, the bank’s CEO said:
“Paul is one of the most respected members of the US Supreme Court bar and currently has multiple legal ‘cruise missiles’ targeting federal regulators who ignore laws while trying to kill the law-abiding US crypto industry. Multiple federal regulators are abusing their powers, and Paul’s work ensures these abuses are checked.”
