Coinbase Hires Former UK Finance Minister

Coinbase Hires Former UK Finance Minister

Crypto exchange Coinbase continues to add more people to its Global Advisory Council and the latest addition is yet another political bigwig.

The American crypto exchange added George Osborne, the former Chancellor of the Exchequer in the UK, as an advisor.

The statement

The crypto firm said that the new hire comes with decades of experience in fintech investing and international finance as well as at the highest levels of the government.

Faryar Shirzad, the Chief Policy Officer at Coinbase, said that they were grateful to have George’s counsel and advice as the company continues with global expansion because he is experienced and thoughtful.

Osborne also issued a statement relating to the matter in which he expressed his optimism for blockchain-based innovation.

He stated that online transactions and the financial markets are transforming, thanks to blockchain technology.

He added that the Coinbase crypto exchange was leading the charge in this development due to which he was looking forward to working with its team to shape the future of financial services.

Coinbase has been trying to strengthen its establishment credentials and also carve out a place for crypto in terms of global regulation.

Other members of its Advisory Council include Patrick Toomey, former Republican senator, and Mark T. Esper, the former US Secretary of Defense.

The new hire

Similar to the Treasury Secretary in the US, the responsibility of preparing the annual budget of the United Kingdom lies with the Chancellor of the Exchequer.

They are also responsible for setting the inflation targets that are then targeted by the Bank of England as part of its monetary policy, which gives them a role similar to the Federal Reserve in the United States.

Many austerity measures were launched by Osborne during his term to balance the budget of the nation.

This included reducing child and housing benefits. He also reduced corporate taxes to stimulate business activity.

Today, Osborne serves as a partner at Robey Warshaw LLP, which is a boutique investment bank.

Coinbase expansion

In the United States, Coinbase is currently embroiled in a legal battle with the Securities and Exchange Commission (SEC) over its crypto staking program.

However, this has not stopped the crypto exchange from its global expansion plans and it has acquired several international licenses as part of these plans.

Some of the countries where Coinbase has obtained a license include Bermuda, Singapore, Spain, and France.

Brian Armstrong, the CEO of Coinbase, had spoken onstage with Osborne last year in London at the Innovate Finance Global Summit.

He had stated that the exchange was considering heavy expansion abroad, if not relocating outright, given the lack of regulatory clarity in the United States.

Earlier this month, in a hearing of the lawsuit between Coinbase and the SEC, a judge had queried whether the latter was ‘sweeping too broadly’ in its interpretation of the securities laws.

The court arguments that Coinbase had presented in its case against the regulator had impressed legal experts, with some stating that there was a 70% chance the lawsuit would be dismissed.