Coinbase Strengthens Regulatory Defense with Former UK Chancellor George Osborne Joining Advisory Council

In a strategic move to bolster its regulatory position amid mounting pressure from the U.S. Securities and Exchange Commission (SEC), Coinbase Global Inc. has enlisted the expertise of former UK Chancellor of the Exchequer, George Osborne. Osborne’s appointment as an advisor to Coinbase’s Global Advisory Council underscores the crypto exchange’s commitment to navigating the complex regulatory landscape, leveraging Osborne’s decades of experience in government and international finance.

We are very pleased to have @George_Osborne join @coinbase's Global Advisory Council. George is one of the most experienced and thoughtful leaders in government and business, and we are grateful to have his advice and counsel as we expand Coinbase around the world.…

— Faryar Shirzad 🛡️ (@faryarshirzad) January 31, 2024

Osborne, who served as Chancellor from 2010 to 2016, brings a wealth of experience to Coinbase, having held influential positions such as an advisor to BlackRock and the chairman of the British Museum. Coinbase has been actively recruiting seasoned political figures to its advisory board, a trend noted with the inclusion of former U.S. Senator Patrick Toomey, former U.S. Secretary of Defense Mark T. Esper, and former U.S. Congressperson Sean Patrick Maloney.

The move comes at a critical juncture for Coinbase, which is currently entangled in a legal battle with the SEC. Last June, the SEC sued Coinbase for allegedly offering unregistered securities and failing to register as a broker, national securities exchange, or clearing agency. Notable tokens offered on the exchange, including Solana’s SOL, Cardano’s ADA, and Polygon’s MATIC, have been cited by the SEC as potentially unregistered securities. Despite the regulatory challenges, a Jan. 19 post by Bloomberg’s senior litigation analyst Elliott Stein suggests that Coinbase has a 70% chance of full dismissal in the SEC lawsuit.

Osborne’s extensive background in government and finance positions him strategically to advise Coinbase on regulatory matters, and his previous roles as an advisor to BlackRock and chairman of the British Museum reflect his continued influence in international affairs.

Coinbase’s expansion strategy, especially in light of regulatory uncertainties in the U.S., has seen the acquisition of licenses in various countries, including France, Spain, Singapore, and Bermuda. The exchange’s CEO, Brian Armstrong, hinted at the possibility of further international investment or even relocation if regulatory clarity remains elusive within U.S. borders.

In a statement, Osborne expressed his optimism about the transformative power of blockchain technology in financial markets and online transactions. He sees Coinbase as a pioneer at the forefront of these developments, emphasizing the exciting innovations in the finance sector. This sentiment aligns with Coinbase’s commitment to driving innovation in financial services.

As Coinbase’s Advisory Council plays a crucial role in shaping the company’s global strategy, Osborne’s addition strengthens its ability to navigate regulatory challenges and foster crypto-friendly regulations. Coinbase’s proactive approach to assembling a diverse and experienced advisory board underscores its dedication to responsible growth and regulatory compliance, essential elements for success in the rapidly evolving fintech landscape.