Coinbase Recruits Legal and Political Experts for SEC

Coinbase, one of the world's largest cryptocurrency exchanges, has formed a Global Advisory Council consisting of current and former US lawmakers.

This move comes as the exchange faces allegations of securities law violations by the US Securities and Exchange Commission (SEC). The council aims to provide Coinbase with insights and strategic expertise as it navigates the complex regulatory landscape. It includes notable figures like former Senator Patrick Toomey and former Congressman Tim Ryan.

Simultaneously, Coinbase has established the Coinbase Asset Management Academic and Regulatory Advisory Council, featuring influential individuals such as former SEC Chair Jay Clayton. These councils will aid Coinbase in its ongoing legal battle with the SEC, which issued a Wells notice in March, signaling a potential lawsuit. Coinbase has publicly requested a reply to its petition for clear regulations on digital assets, seeking to challenge the SEC on solid grounds.

The timing of the advisory council's formation is crucial as it supports Coinbase in its fight against the SEC. Coinbase CEO Brian Armstrong criticized SEC Chair Gary Gensler, suggesting a negative stance toward cryptocurrencies. Obtaining clarity through the courts is seen as beneficial for the crypto industry and the United States.

US Chamber of Commerce Supports Coinbase in SEC Battle

The US Chamber of Commerce has backed Coinbase, filing an amicus brief against the SEC's regulatory approach. It accuses the SEC of deliberately creating uncertainty to impede the growth of the digital assets industry.

By engaging with political heavyweights and influential allies, Coinbase aims to gain valuable guidance and strategic support in its battle with the SEC. The outcome of this legal dispute will have significant implications for both Coinbase and the broader crypto industry.

As the proceedings continue, the involvement of prominent figures and organizations will shape the future of Coinbase and the regulatory landscape it operates in. BeInCrypto has reached out to Coinbase for further comment on the Global Advisory Council and its potential impact. The formation of these councils marks a strategic move by Coinbase to strengthen its position and navigate the complexities of the regulatory environment.

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