Coinbase Welcomes Former UK Chancellor George Osborne as Advisor
Coinbase, the second-largest cryptocurrency exchange, has announced that former UK Chancellor of the Exchequer George Osborne will join its advisory council. This move brings Osborne’s experience in overseeing the UK’s financial affairs to Coinbase as it expands globally.
Transitioning from Traditional Finance to Crypto
Osborne is the latest former UK Chancellor to make the transition from traditional regulated finance to blockchain-backed firms. His successor, Phillip Hammond, also joined a crypto custody firm as an advisor before becoming chairman of the board of directors.
Osborne will join a nine-member panel on Coinbase’s advisory council, which includes prominent figures from various industries. This addition aligns with Coinbase’s goal of collaborating with global regulators.
US Lack of Clarity Driving Crypto Adoption Abroad
US regulators have increased their efforts to regulate the crypto ecosystem, leading many crypto businesses to face scrutiny and fines. Coinbase itself is currently in a legal battle with the SEC regarding crypto asset regulations.
Due to the lack of regulatory clarity in the US, many crypto exchanges are seeking opportunities abroad. Coinbase has established operations in Ireland to comply with EU regulations and ensure investor safety.
MiCA Bringing Regulatory Clarity in Europe
The European Union’s MiCA regulation aims to provide regulatory clarity for cryptocurrencies. The MiCA team has introduced “reverse solicitation” as part of this effort, allowing third-country crypto firms to serve EU clients if initiated by the client.
While US regulators continue their efforts to regulate the crypto industry, many businesses are urging for clearer guidelines. In the meantime, exchanges like Coinbase are expanding internationally to navigate regulatory challenges.
Hot Take: Former UK Chancellor Joins Coinbase Advisory Council
Former UK Chancellor George Osborne’s appointment as an advisor to Coinbase’s advisory council reflects the growing influence of crypto in traditional finance. With his experience and expertise, Osborne can contribute valuable insights as Coinbase expands globally. This move also highlights the importance of collaboration between crypto exchanges and regulators worldwide. As the US struggles with regulatory clarity, many exchanges are seeking opportunities abroad. Coinbase’s presence in Ireland demonstrates its commitment to complying with EU regulations. Overall, Osborne’s addition to the advisory council reinforces Coinbase’s position as a leading force in the crypto industry.
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