Recently, Coinbase has been very public in its criticism of US regulators. There has been regulatory ambiguity in the US as a result of the SEC’s intensified investigation of the crypto industry. While cryptocurrency players have been calling for a fair game with clearer laws, the conflict seems to never end.
The most recent reports state that Coinbase is now working with three former US legislators. The partnership aims to improve the exchange’s connection with US regulators and assist it in reshaping the cryptocurrency market.
This is a huge milestone in the eyes of Coinbase
Among the founding members of Coinbase’s Global Advisory Council are two former Democratic congressmen, Tim Ryan and Sean Patrick Maloney, as well as former Republican Senator Patrick Toomey of Pennsylvania. This council has been hailed by the exchange as an important move against US regulatory pressure.
In the note, Coinbase mentioned:
“We chose to build in America because we want to be part of the solution and believe America would be best served by embracing the potential of crypto and blockchain technology.” “Our new Advisory Council will play a key role in helping us work with regulators to achieve that goal.”
Coinbase’s new council will work closely with members of another advisory group, which includes former SEC Chair Jay Clayton and retired CIA General Counsel Courtney Elwood, the company said.