- Coinbase has added three new board members, including an OpenAI executive, to bolster its influence on US crypto regulations.
- The crypto industry is ramping up political engagement, aiming to sway the election in favour of policies supportive of digital assets.
OUR TAKE
Coinbase, a leading US-based cryptocurrency exchange, recently announced a major expansion of its board of directors, a move that not only reflects the company’s confidence in the future of the industry, but also its strategic placement in terms of policy development and market regulation. By bringing in new members with diverse backgrounds and areas of expertise, Coinbase aims to strengthen its position as a leader in the global fintech space and promote the health of the cryptocurrency industry. This change is not only significant for Coinbase itself, but is also likely to have a profound impact on the cryptocurrency market as a whole.
–Elodie Qian, BTW reporter
What happened
US cryptocurrency exchange Coinbase has added three new members to its board, including an executive from OpenAI, the creator of ChatGPT, in a bid to influence US crypto policy more effectively. The announcement was made to Reuters on Thursday.
The new board members are Chris Lehane from OpenAI’s executive team, Paul Clement, who served as the US Solicitor General under President George W. Bush, and Christa Davies, CFO of Aon and board member for both Stripe and Workday. This expansion increases the board’s size from seven to ten members.
Coinbase’s decision to grow its board comes at a time when the company and the wider crypto industry are aiming to become a significant political force in the upcoming presidential election. The industry’s future could be at stake if Donald Trump, the Republican nominee and former president, returns to the White House in November.
Clement will provide guidance to Coinbase in its efforts to counteract what it sees as overreach by the SEC and to advocate for clear regulations for digital assets.
Lehane, who was previously the policy chief for Airbnb and a member of the Clinton White House, will offer strategic advice, according to Coinbase.
Davies will concentrate on enhancing Coinbase’s financial and operational performance on a global scale.
Also read: Is Coinbase a safe place to store crypto? A review
Also read: Coinbase partially wins appeal, but still faces US regulator’s lawsuit
Why it’s important
Coinbase said that the addition of these new members will not only enhance the company’s policy influence, but will also help it drive the success of the cryptocurrency industry on a global scale. The diverse backgrounds and varying political philosophies of the new members will help promote bipartisanship within the cryptocurrency industry and further promote the health of the industry.
“Cryptocurrency needs bipartisan support to thrive,” Lehane told Reuters in an interview.
Coinbase-backed advocacy group, Stand With Crypto, which supports voters who own cryptocurrency, has reached a membership of 1.3 million.
In addition, three new pro-crypto super PACs—Fairshake, Defend American Jobs, and Protect Progress—have collectively raised over $230 million to back candidates who are favourable to the crypto industry.
This addition to the Board of Directors signals Coinbase’s growing strategic presence and policy influence in the cryptocurrency industry. By bringing in experts from a variety of fields, Coinbase hopes to better address the challenges of the market and drive the company forward steadily in a complex regulatory environment.
The change also reflects the growing need for a diverse and specialised leadership team in the cryptocurrency industry. By including professionals from different fields, Coinbase aims to inject new momentum into the company’s future growth as regulatory policies continue to evolve and competition in the market intensifies.
