Coinbase Protests Political and Legal Power to Fight the SEC
Coinbase has announced the formation of a Global Advisory Council comprised of current and former US legislators.
Change of crypto Coinbase is expanding its Advisory Council with political big hitters. Increasing its legal and intellectual ammunition in the fight against regulators. The change was welcomed by some in the crypto community but was long overdue for others.
The group would provide the corporation with “insights and strategic expertise” from current and past US politicians.
Coinbase has recruited influential figures to serve on its Advisory Council. Former members of Congress Tim Ryan (D-OH), Sean Patrick Maloney (D-NY), Chris Lehane (Haun Ventures), and John Anzalone (Impact Research Polling) are among those who have weighed in.
Some well-known people are included in the second group. Former Securities and Exchange Commission Chair Jay Clayton, former CIA General Counsel Courtney Elwood, Hoover Institution’s Kevin Hassett, and Compass Lexecon’s Senior Managing Director Jon Orszag are among them.
This news comes while Coinbase is locked in a legal battle with the SEC, which was expected. Coinbase has publicly requested a response to its petition for rulemaking, which seeks to create suitable regulations for digital assets.
The trade group is hoping to pressure the SEC into taking a firm stance on the petition. And it expects the transparency will provide it a legal footing to sue the SEC.
Coinbase CEO Brian Armstrong blasted the governing body in an interview with CNBC on Monday. For whatever reason, Armstrong claims, “Gary Gensler… has taken a more anti-crypto view.”