Binance hires Max Baucus, longtime member of the US Senate, as a regulatory advisor

Crypto exchange Binance said Thursday that it hired Max Baucus, who served decades in the U.S. Senate and later as an ambassador to China, to provide guidance on navigating the U.S. regulatory landscape.

Baucus will provide the exchange with policy guidance and act as a liaison between Binance and regulators, Binance said Thursday.  Baucus previously chaired the U.S. Senate Committee on Finance as well as the Joint Committee on Taxation and Subcommittee on Transportation and Infrastructure. From 2014 to 2017, he served as former President Barack Obama's ambassador to China. 

Baucus's time in office mostly focused on healthcare reform, but he did take an interest in blockchain-based payments during his time as ambassador to China.

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In 2017 he noted that China was "leapfrogging the standard payments systems still used in the United States." At the time, he said U.S. legislation that would expand fintech regulation didn't appear to be forthcoming. 

As noted in Baucus' profile on the