- US cryptocurrency exchange Coinbase added three new members to its board, including an executive from ChatGPT maker OpenAI.
- The new board members brought diverse expertise as Coinbase looks to navigate regulatory challenges and foster bipartisan support for cryptocurrency.
OUR TAKE
Coinbase has strategically expanded its board with the addition of three prominent figures: Chris Lehane of OpenAI, former US Solicitor General Paul Clement and Christa Davies, CFO of Aon. The move is aimed at strengthening its influence on US cryptocurrency policy, particularly in light of upcoming regulatory challenges and the US presidential election. By leveraging their diverse expertise, Coinbase aims to enhance its regulatory navigation and financial strategies. In addition, the diverse political philosophies of the new board members underscore Coinbase’s commitment to fostering bipartisan support for cryptocurrency, which is essential for its mainstream acceptance and regulatory progress.
—Heidi Luo, BTW reporter
What happened
US cryptocurrency exchange Coinbase has expanded its board of directors to ten with the appointment of three new members, stepping up its efforts to influence US cryptocurrency policy.
The new board members include Chris Lehane of OpenAI, Paul Clement, a former US solicitor general, and Christa Davies, CFO of Aon and a board member of Stripe and Workday. This strategic move aims to leverage their diverse expertise within the context of significant political and regulatory developments affecting the crypto industry.
This expansion reflects Coinbase’s proactive approach to shaping the future of cryptocurrency regulation and acceptance as it prepares for the upcoming US presidential election. “For crypto to be successful, it has to be bipartisan,” Lehane told Reuters in an interview on Thursday.
Also read: Is Coinbase a safe place to store crypto? A review
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Why it’s important
Lehane, with his extensive policy background from his time at Airbnb and the Clinton White House, will provide strategic advice on navigating complex policy landscapes. Clement will address legal challenges from regulators such as the SEC and advocate for clear crypto regulations. Meanwhile, Davies brings her financial expertise to support Coinbase’s financial and operational strategies globally.
Coinbase has also bolstered its technological offerings through a partnership with Stripe, which has enhanced its blockchain platform, Base. This collaboration facilitates the transfer of USDC stablecoins. It aims to leverage recent advances in technology to improve transaction efficiency and encourage broader crypto adoption, particularly in the fintech sector.
In addition, Coinbase is supporting the “Stand With Crypto” advocacy group, which now has 1.3 million members, and is linked to three new Super major pro-crypto political action committees, Fairshake, Defend American Jobs and Protect Progress. These groups have raised over $230 million to support pro-crypto candidates, which shows the industry’s foray into the political sphere.
