Coinbase has announced the creation of a Global Advisory Council after some of its leadership team visited the United Arab Emirates. The council is made up of former US lawmakers and industry leaders and aims to navigate the increasingly complex and evolving crypto landscape globally.
The council’s members include former Pennsylvania Senator Patrick Toomey, former Ohio Representative Tim Ryan, and former New York Representative Sean Patrick Maloney, among others. The council will advise Coinbase on crypto policies. Currently, the council has only five members, but there are plans to expand it with a bipartisan group of leaders who have deep regulatory expertise.
The announcement came amid speculation that Coinbase could move its operations outside the US due to a lack of regulatory clarity. Coinbase is currently in a legal battle with the SEC after receiving a Wells notice in March, prompting the company to file a motion to force the commission to clarify its position on digital assets.
However, Coinbase stated that it chose to build in America because it wants to be part of the solution and believes America would be best served by embracing the potential of crypto and blockchain technology.
Coinbase also launched its global derivatives platform in May, offering its services to users in over 30 jurisdictions worldwide. CEO Brian Armstrong and other executives visited the United Arab Emirates in May to test the region’s potential as a strategic hub for its international operations. Jay Clayton, former Securities and Exchange Commission (SEC) chair, sits on a different board for the exchange, advising the firm on regulatory policy.
