Former U.K. Chancellor of the Exchequer, George Osborne, has joined cryptocurrency exchange Coinbase’s advisory council, marking the second former U.K. chancellor to join a crypto firm. Philip Hammond, Osborne’s immediate successor, had previously joined Copper as an advisor in October 2021 and later became the custody company’s chairman.
The appointment of Osborne highlights the increasing importance that crypto firms are placing on the expertise of former policymakers and regulators in navigating the complex landscape of compliance. Coinbase’s advisory council already includes notable figures such as Dr. Mark T. Esper, former U.S. Secretary of Defense, and former Senator Patrick Toomey (R-PA). Osborne’s addition would make him the 10th person on the panel, according to the current list of members.
Interestingly, Osborne had previously interviewed Coinbase CEO Brian Armstrong last year, during which Armstrong suggested that the firm could consider leaving the U.S. if the country’s regulatory environment did not become clearer. This background adds an intriguing dynamic to Osborne’s new role within the company.
Coinbase stated that Osborne’s appointment comes at a time when the exchange’s international expansion is accelerating. The company has recently acquired licenses in France, Spain, Singapore, and Bermuda, indicating its commitment to expanding its presence in global markets.
The involvement of former policymakers and regulators in the crypto industry reflects the growing recognition of the need for expertise in navigating the regulatory landscape. As the crypto market continues to evolve and face increasing scrutiny from regulators worldwide, the insights and experience of individuals like Osborne can prove invaluable in ensuring compliance and fostering a positive relationship between the industry and regulators.
Coinbase’s move to bring Osborne on board demonstrates the exchange’s commitment to strengthening its position in the market and its determination to operate within the boundaries of regulatory frameworks. By leveraging the knowledge and experience of former high-ranking officials, Coinbase aims to enhance its compliance efforts and establish itself as a trusted and responsible player in the crypto space.
Overall, Osborne’s appointment to Coinbase’s advisory council signifies the growing recognition of the importance of regulatory expertise in the crypto industry. As the sector continues to mature, collaborations between former policymakers and crypto firms are likely to become more common, as both parties seek to navigate the evolving regulatory landscape and foster a sustainable and compliant ecosystem.