Coinbase Global Inc. (NASDAQ: COIN), an online platform for selling, buying, storing and transferring cryptocurrency, recently appointed a new advisor to its global advisory board. The new advisor is George Osborne, former United Kingdom Chancellor of the Exchequer. This isn’t the first time a company in the crypto industry has added former political figures to its board.
Osborne joins other notable figures on the company’s advisory board, among them former U.S. Congressman Sean Patrick Maloney, who represented New York from 2013 to 2023; Dr. Mark T. Esper, who served as U.S. Secretary of Defense from 2019 to 2020; and former United States Senator Patrick Toomey, who represented Pennsylvania between 2011 to 2023.
Other board members include Tim Ryan, who served in Northeast Ohio’s 13th Congressional district for two decades; Frances Townsend, who has extensive national security, corporate and political expertise; Stephanie Murphy, former U.S. representative of Florida’s 7th Congressional district; and David Urban, who has more than 30 years’ experience in the law, military, politics and public-service sectors.
Osborne brings with him almost a decade of experience in government and global affairs. Between 2017 to 2021, he served as an adviser to BlackRock, the biggest asset manager worldwide. Prior to this, he served as chancellor from 2010 to 2016. In addition, the former chancellor is still the chairman of the British Museum.
Following his appointment, Osborne stated that there was a lot of innovation in finance, with blockchains transforming online transactions and financial markets. He noted that Coinbase was at the forefront of these developments and added that he looked forward to working with the company as it forges a new path in financial services.
Coinbase was founded in 2012 by Brian Armstrong and is the biggest cryptocurrency exchange in the United States in terms of trading volume.
Osborne’s previous experience could add value to the crypto company, which was sued in June 2023 by the U.S. Securities and Exchange Commission (“SEC”) for providing unregistered securities. The commission claimed that the crypto company had never registered as a clearing agency, broker or national securities exchange, which allowed it to dodge the disclosure scheme for securities markets.
The commission also claimed that some tokens offered on the exchange were unregistered. Those tokens include Filecoin, Polygon’s MATIC, Solana’s SOL, Axie Infinity, Cardano’s ADA, Dash, Voyager Token (“VGX”), Nexo (“NEXO”), Internet Computer, Near, Chiliz, the Sandbox and Flow.
Elliot Stein, a senior litigation analyst, stated in a recent Bloomberg post that Coinbase had a 70% chance of full dismissal in the commission’s lawsuit.
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