Cryptocurrency exchange Coinbase has recently established an advisory council comprising US lawmakers and private strategists. This move is aimed at furthering the exchange’s aim to become more transparent and develop a deeper understanding of the cryptocurrency industry.
The council will include former White House Deputy National Security Advisor Faryar Shirzad, former U.S. Treasury Department official Michael Morell and former Federal Deposit Insurance Corporation (FDIC) Chair Sheila Bair. Additionally, Coinbase Chief Legal Officer Paul Grewal and Coinbase Chief Economist Lael Brainard will also be part of the council.
According to Brian Armstrong, CEO of Coinbase, the advisory council will serve as an independent group that will provide insightful guidance on important issues like regulatory compliance, institutional adoption, and market manipulation. He also stated that the council will be crucial in helping the company navigate the ever-changing landscape of cryptocurrencies.
This move by Coinbase comes as the cryptocurrency industry continues to face increased scrutiny from US regulators. In recent months, the Securities and Exchange Commission (SEC) has renewed its efforts to regulate the industry and has already targeted several high-profile cryptocurrency firms.
In addition to establishing the advisory council, Coinbase has also recently launched a suite of new products aimed at institutional investors. The exchange is hoping to capitalize on the growing interest among traditional financial institutions in cryptocurrencies and the blockchain technology that underpins them.
Overall, it seems that Coinbase is taking a proactive approach to navigating the regulatory landscape and staying ahead of the curve in the rapidly developing cryptocurrency industry. With the establishment of the advisory council and the launch of new products aimed at institutional investors, the exchange is positioning itself as a leading player in this emerging market.