Coinbase (NASDAQ:COIN) says that we are at a unique moment in American history where a stunning alignment has emerged — 9 in 10 Americans from across the political spectrum “believe the financial system needs an update.”
According to a blog by Coinbase, crypto is a generational opportunity “to update the financial system so it’s more accessible, cheaper and faster – bolstering economic freedom for millions of people around the world.”
Coinbase further noted that politicians on both sides of the aisle “have noticed both the upwelling demand from the American people to update the system, and how crypto can be a tool to help.”
Coinbase pointed out that “more than one million Americans – Democrats, Independents, and Republicans – have raised their hands to Stand with Crypto in this election, and are making their voices heard with their representatives across the aisle.”
Coinbase also mentioned that this has “resulted in a massive shift in the national political environment around crypto.”
As stated in a blog post by Coinbase, un the last 6 months alone they’ve “seen seismic shifts in the administrative crackdown on crypto, historic bipartisan legislation advance through Congress, and crypto emerge as a defining issue on candidate and party platforms throughout the country.”
On the heels of this momentum, Coinbase are announcing “that three new Board members are joining Coinbase. They each have different political philosophies.”
They each have had vastly different career paths. But, they have “all arrived at the same conclusion: crypto is a powerful tool to update the system.”
Chris Lehane, VP of Public Works and member of the executive team at OpenAI, has “been actively supporting the campaign for crypto as part of Coinbase’s Global Advisory Council and as Chief Strategy Officer at Haun Ventures (where he remains as an Operating Partner).”
Lehane is known for navigating political battlefields, “leading to victories for Clinton-Gore and Airbnb’s pathway to legality in all 50 states and across the globe. In 2012, Lehane co-authored a book on strategic communications, and he co-wrote/co-produced a political satire film, ‘Knife Fight,’ that was theatrically released in 2013.”
With countries around the world developing new rules that embrace crypto’s potential to update the financial system, Chris will provide strategic “counsel to Coinbase’s leadership as the company works to make onchain the new online.”
Paul Clement is a partner of Clement & Murphy PLLC, a law firm “specializing in Supreme Court, appellate, and strategic litigation, and the former US Solicitor General under President George W. Bush.”
He is one of the most frequently appearing attorneys “before the U.S. Supreme Court, having argued over 100 cases. Most recently, Paul served as the lead lawyer representing the Loper Bright fishermen in Loper Bright Enterprises v. Raimondo, a landmark Supreme Court decision which overturned the Chevron deference and will help curb regulatory overreach.”
Paul will join Coinbase’s Audit & Compliance Committee, and “advise Coinbase’s efforts to push back against the SEC’s overreach and fight for clear rules of the road for digital assets.”
Christa Davies is a financial professional “with a track record of driving disciplined financial and operational performance for large, global organizations.”
She has served as Aon’s CFO since 2008, and as “a member of the Board of Directors for both Stripe and Workday. At Aon, Christa drove an unwavering focus on top and bottom-line growth, disciplined capital allocation, and portfolio management, resulting in strong shareholder returns. Prior to joining Aon, Christa was VP and CFO of the Platforms & Services Division at Microsoft.”
Christa will join Coinbase’s Audit & Compliance Committee and “support Coinbase’s focus on financial and operational excellence on a global scale.”
In another update, it was noted that the UK Financial Conduct Authority (FCA) has concluded an investigation into our UK business on-boarding and “providing e-money services to certain high-risk customers, in breach of restrictions agreed to by CBPL and the FCA.”
The FCA’s investigation focused on “why the controls we put in place to comply with these restrictions allowed this to happen.”
Coinbase is a regulated institution, which claims to be “deeply committed to compliance.”
They welcome regulation and are “dedicated to working proactively and closely with the most sophisticated financial regulators in the world, including the FCA, to ensure we offer the most compliant, trusted, and secure platform for our customers.”