George Osborne, a former British politician, is now a member of Coinbase’s worldwide advisory group.
George Osborne, a former British Chancellor of the Exchequer, has been invited to join the worldwide advisory board of the American cryptocurrency exchange Coinbase. Along with other noteworthy personalities like former U.S. Secretary of Defense Mark Esper and former U.S. Senator Patrick Toomey, Osborne joins the ranks of those who advise Coinbase on global strategy.
Coinbase plans to use Osborne’s background in business, media, and government to forge stronger ties with lawmakers and regulators. The crypto exchange has been dealing with regulatory hurdles, especially from the SEC and other US-based authorities.
In a statement, Coinbase’s Chief Policy Officer, Faryar Shirzad, was very positive about Osborne’s appointment to the advisory council, praising his extensive background and the wisdom it would bring to the company’s ongoing worldwide expansion. From 2010 to 2016, Osborne was a significant figure in the UK government and financial sectors as Chancellor of the Exchequer.
Connecting the dots between blockchain’s capabilities and the development of financial markets, his viewpoint is in line with blockchain’s revolutionary potential. Coinbase hopes that Osborne’s involvement will help them build ties with legislators and regulators, which might lead to crypto-friendly legislation.
Reports have surfaced tying Ripple and cryptocurrency exchange Coinbase to substantial financial donations to the super PAC Fairshake, which happens to coincide with Coinbase’s decision to recruit political leaders like Osborne. Regardless of their political leanings, this PAC supposedly seeks to back lawmakers that support issues connected to cryptocurrencies.
The $85 million fund that Fairshake has amassed, with crypto businesses contributing 65 percent, puts it in a prime position to influence cryptocurrency policy. Electric Capital and Andreessen Horowitz’s a16z are notable donors in addition to Ripple and Coinbase.
Companies in the cryptocurrency business are increasingly conscious of the necessity of regulatory support, as seen by their purposeful employment of political leaders and financial sponsorship of pro-crypto political action groups. Coinbase hopes that by forming alliances with powerful people like George Osborne, it can help bring the cryptocurrency business and lawmakers together, opening a discourse that might influence the rules of the future.