Coinbase Appoints Former UK Chancellor George Osborne to Board of Advisors
Coinbase has announced that it will bring former UK Chancellor George Osborne on board as part of its advisory council. This move comes as Coinbase faces lawsuits and battles with the US SEC. By appointing Osborne, Coinbase aims to navigate US regulators more effectively and expand into international markets.
George Osborne’s Background
George Osborne is a former British politician and newspaper editor who served as First Secretary of State and Chancellor of the Exchequer from 2010 to 2016. He was also a member of parliament and is affiliated with the Conservative Party.
Increased Efforts to Resolve SEC Dispute
Last year, the SEC filed a lawsuit against Coinbase, accusing the company of operating as an unregistered exchange, broker-dealer, and clearinghouse. This legal battle has caused uncertainty for Coinbase and has even affected the approval of a Bitcoin ETF.
Recently, Judge Katherine Polk Failla asked the SEC to clarify its definition of tokens and investment contracts in relation to cryptocurrencies, questioning the agency’s clarity on these terms.
Additional Concerns for Coinbase
Coinbase is not only dealing with the SEC lawsuit but also facing other challenges. JP Morgan downgraded Coinbase’s rating from “neutral” to “underweight,” indicating a less favorable outlook for the cryptocurrency exchange. Additionally, Coinbase reported a $2.3 million loss in Q3 2023.
The upcoming full-year results will play a crucial role in determining Coinbase’s future trajectory.
Hot Take: Coinbase Adds Former UK Chancellor George Osborne to Advisory Council Amidst Regulatory Challenges
Coinbase’s decision to appoint George Osborne as an advisor reflects its commitment to addressing regulatory issues and expanding globally. With the ongoing SEC lawsuit and a downgrade in its rating, Coinbase is facing significant challenges. The addition of Osborne brings political and financial expertise to the table, potentially strengthening Coinbase’s position in the crypto industry. As the SEC dispute continues and market uncertainties persist, Coinbase’s upcoming full-year results will be closely watched to assess its performance and potential impact on the broader cryptocurrency market.
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