LONDON — In a significant move to bolster its regulatory influence amid increasing scrutiny in the United States, cryptocurrency exchange Coinbase has welcomed former British finance minister George Osborne as a global advisor. Coinbase announced Osborne’s appointment to its global advisory council, where he will join influential figures such as Mark Esper, the former U.S. Secretary of Defense, and Patrick Toomey (R-PA).
The council plays a crucial role in advising Coinbase on its global strategy as the company expands its presence worldwide. Faryar Shirzad, Coinbase’s chief policy officer, expressed the company’s pleasure in having George Osborne on board during this exciting phase for Coinbase in the U.K. and globally. Shirzad highlighted Osborne’s extensive experience in business, journalism, and government, expressing anticipation for leveraging his insights as Coinbase continues its global growth.
In his advisory role, Osborne will facilitate connections between Coinbase and political and regulatory stakeholders, contributing to the development of crypto-friendly regulations. During his tenure as chancellor of the exchequer, Osborne implemented various austerity measures to address the budget deficit, including freezing child benefits, reducing housing benefits, and instituting a two-year pay freeze for public sector workers. Additionally, he aimed to stimulate business activity by cutting corporation tax.
Following his term as Britain’s finance minister, George Osborne assumed the role of temporary editor-in-chief at London’s Evening Standard newspaper. Currently serving as a partner at Robey Warshaw LLP, a boutique investment bank, Osborne expressed his enthusiasm for the dynamic innovations unfolding in the financial sector.
Osborne emphasized the transformative impact of blockchains on financial markets and online transactions, citing the ongoing wave of exciting developments in finance. Acknowledging Coinbase as a key player at the forefront of these advancements, he expressed eagerness to collaborate with the Coinbase team as they forge a new path in financial services.
Osborne stated, “There’s a tremendous amount of innovation happening in finance right now, with blockchains reshaping financial markets and online transactions. Coinbase is leading the charge in these developments, and I am excited to contribute to their efforts as they shape the future of financial services.”
Osborne’s ties with Coinbase aren’t new
Signs of a deepening connection between Osborne and Coinbase surfaced last year, notably during a fintech event in London where Coinbase’s CEO Brian Armstrong engaged in a fireside chat moderated by Osborne. This initial interaction hinted at a budding relationship between the former British finance minister and the cryptocurrency exchange.
The association continued to strengthen as Osborne participated in a fireside chat with Coinbase’s chief financial officer, Alesia Haas, at the Belvedere Hotel during the World Economic Forum in Davos, Switzerland. These dialogues further underscored the developing collaboration between Osborne and Coinbase.
This collaboration coincides with Coinbase’s strategic expansion efforts across Europe, marked by its recent acquisition of licenses in multiple countries. Last month, the company obtained a virtual asset service provider license in France, signaling its intention to broaden its services in the region. Additionally, Coinbase has secured licenses in Spain, Singapore, and Bermuda in recent months.
However, Coinbase faces significant regulatory challenges in the United States, where the Securities and Exchange Commission has accused the company of violating securities laws. Coinbase staunchly denies these allegations as it navigates a complex regulatory landscape in its home market.
