Coinbase, one of the leading cryptocurrency exchanges, recently announced the addition of four high-profile figures to its advisory council. Among the new advisors are former US Senator Kyrsten Sinema and Chris LaCivita, who served as co-campaign manager for President Donald Trump’s re-election bid. The council also welcomed Bill Dudley, former president of the Federal Reserve Bank of New York, and Luis Alberto Moreno, an expert in global development and international finance.
The addition of these prominent figures to Coinbase’s advisory council signals a strategic move by the exchange to have a direct influence on policy discussions. Michael Ashley Schulman, partner and chief investment officer at Running Point Capital Advisors, noted that aligning with individuals with deep ties to both the Trump camp and traditional financial institutions positions Coinbase for significant influence in the industry.
Coinbase’s decision to bolster its advisory council comes at a time when the regulatory and legal landscape for the crypto industry is evolving rapidly. Recent developments have been favorable for Coinbase, with President Trump making nominations for key roles in US regulators that support the crypto industry.
In the US Securities and Exchange Commission (SEC), Trump has nominated pro-crypto Paul Atkins to replace former chair Gary Gensler. In the meantime, pro-crypto Commissioner Mark Uyeda has been appointed as acting chair, signaling a positive shift in regulatory outlook for the industry.
Additionally, Trump has nominated Caroline Pham as acting chair for the Commodity Futures Trading Commission (CFTC), setting the stage for discussions on crypto through public roundtables. The president’s executive order establishing a crypto working group and appointing a “White House AI & Crypto Czar” further highlights the administration’s focus on digital assets.
Coinbase also scored significant legal victories in its battle with the SEC, with the US Court of Appeals for the Third Circuit acknowledging the regulator’s failure to provide clear rules as “arbitrary and capricious.” This ruling holds the SEC accountable for explaining its refusal to establish a legal framework, providing more clarity for companies operating in the crypto space.
In light of these developments, Coinbase has been granted an interlocutory appeal by the United States District Court Southern District of New York, allowing the exchange to appeal the SEC’s accusations to the Second Circuit of the US Court of Appeals. These legal victories, coupled with the favorable regulatory environment, position Coinbase for continued growth and success in the ever-evolving crypto industry.