Coinbase fills new advisory council with former US lawmakers

Coinbase, the crypto exchange in a bitter dispute with the U.S. Securities and Exchange Commission, is launching a new advisory panel and filling it with former U.S. lawmakers.

Dubbed the Global Advisory Council, the group will “help navigate the complex and evolving landscape of the crypto industry, and strengthen relationships with strategic stakeholders around the world,” Coinbase said in a statement.

Initial members will include former U.S. Senator Patrick Toomey, in addition to former U.S. Congressmen Tim Ryan and ​​Sean Patrick Maloney. Additionally, Chris Lehane, an executive from venture-capital firm Haun Ventures, and John Anzalone, the founder of Impact Research Polling, will also participate.

Coinbase has been ramping efforts to take on what some fear is an increasingly hostile regulatory climate in the U.S., with CEO Brian Armstrong exploring further overseas expansion. Earlier this year, the exchange announced a grass roots initiative aimed at advancing “pro-crypto policy in all 435 Congressional Districts across the U.S.”

"We’re working to update financial systems and rules that were designed over 100 years ago before computers even existed," Coinbase said on Friday. "We chose to build in America because we want to be part of the solution and believe America would be best served by embracing the potential of crypto and blockchain technology."