Crypto News: Coinbase Hires Top Political, Financial Experts to Advisory Council

On Wednesday, Coinbase announced the addition of four new influential members to its global advisory council, bringing expertise in both finance and politics. Among them is the co-manager of President Trump’s recent successful campaign.

Here’s everything you need to know.

New Council Members Make Their Mark

Coinbase revealed that William Dudley, former president of the Federal Reserve Bank of New York, and Chris LaCivita, co-manager of Trump’s 2024 campaign, are joining the council. The council will also include Kyrsten Sinema, the former Democratic senator from Arizona, who proposed eliminating taxes on crypto transactions under $50.

LaCivita, who has strong ties to the Republican National Committee, has been critical of President Biden’s approach to crypto regulation. He instead supports Trump’s vision of making the U.S. a leader in digital assets.

What the Coinbase Advisory Council Will Do

Coinbase created the advisory council in May 2023 to navigate the changing crypto scenario. The council includes former U.S. lawmakers, such as former Senator Pat Toomey. With Trump’s SEC becoming more crypto-friendly and aiming for clearer regulations, Coinbase is bringing in influential figures to help push its goals.

“I believe we’ve reached a pivotal moment in crypto’s evolution,” said William Dudley, the former New York Fed president. “Coinbase can ensure it is safely integrated into our financial system for the benefit of Americans.”

Coinbase’s Growing Political Involvement

After the election, Coinbase CEO Brian Armstrong Brian Armstrong Brian Armstrong is the CEO of Coinbase Global, the biggest bitcoin exchange in the US. He is a former software developer for Airbnb. In 2012, Brian teamed up with Fred Ehrsam and launched Coinbase in San Francisco. Even though co-founder Fred Ehrsam left the company in 2017, he remains a board member and owns 6% of the business. On April 14, 2021, Coinbase went public through a direct offering on the Nasdaq. Soon it momentarily hit $100 billion in market capitalization. About 19% of company shares are owned by Armstrong.   Quick Facts Full name Brian Armstrong Birth January 25, 1983, in San Jose, California, U.S. Education Bachelor of Arts/Economics, Master of Arts/Science, Rice University Nationality American Martial Status Married Net Worth $11.9B (Refer for real-time)   He supports the need for clear regulations and policies for cryptocurrency trading and decentralized transactions. Brian has collaborated with diplomats to formulate the policies. He continues to contribute to the crypto community and blockchain technology.   Brian Armstrong: Timeline of events 2010: Discovered Bitcoin – Read the Bitcoin whitepaper and became interested in decentralized finance. 2012: Co-founded Coinbase – Launched Coinbase with Fred Ehrsam to simplify Bitcoin buying and selling. 2015: Expanded Coinbase Services – Introduced Coinbase Exchange and support for multiple cryptocurrencies. 2017: Led Coinbase Through Crypto Boom – Scaled operations as Bitcoin surged to $20,000, making Coinbase a top exchange. 2021: Coinbase IPO on NASDAQ – Took Coinbase public (COIN) at a $86B valuation, marking a major crypto milestone. 2022: Advocated for Crypto Regulation – Engaged with lawmakers to promote clear crypto regulations in the U.S. 2023: Launched Coinbase’s Layer-2 ‘Base’ – Introduced Base, a Layer-2 blockchain to improve Ethereum scalability. 2024: Pushing for Global Crypto Adoption, Married to Angela Meng.   Year Award/Notable Work Details 2012 Co-Founded Coinbase Built one of the world’s largest cryptocurrency exchanges. 2017 Fortune 40 Under 40 – Technology Recognized for leadership in the crypto industry. 2021 Coinbase IPO on NASDAQ Took Coinbase public with an $86B valuation, a first for a major crypto company. 2021 Time 100 Most Influential People Listed for his impact on mainstream crypto adoption. 2023 Launched Coinbase’s Layer-2 ‘Base’ Introduced a Layer-2 blockchain to enhance Ethereum scalability.   Useful Links to Connect With Brian Armstrong Platform Link X (formerly Twitter) https://twitter.com/brian_armstrong LinkedIn https://www.linkedin.com/in/brianarmstrong Coinbase Official Website https://www.coinbase.com Brian Armstrong’s Personal Blog https://brianarmstrong.com   EntrepreneurInvestorDeveloper/ProgrammerCrypto and Blockchain Expert met with Trump to discuss key personnel appointments. The company also donated $1 million to Trump’s inauguration fund and showed support for the transition from the Biden administration.

In 2020, Armstrong said Coinbase wouldn’t back specific political causes. However, after facing a legal challenge from the SEC in 2023, the company donated $45 million to support pro-crypto candidates for the 2024 elections.

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What Trump’s Election Could Mean for Coinbase

Some in the crypto industry believe the SEC’s enforcement actions could ease under a Trump administration, potentially benefiting Coinbase’s ongoing legal battle. In January, a federal judge temporarily paused Coinbase’s case while the Second Circuit Court of Appeals decides whether to overturn a ruling that rejected Coinbase’s request to dismiss the case.

At the World Economic Forum in Davos, Armstrong highlighted Coinbase’s commitment to working with corporate leaders, including banks and asset managers, as investments in crypto continue to grow. He emphasized the need for crypto to modernize the global financial system and noted that Coinbase is well-positioned to serve as an institutional-grade partner for companies entering the crypto space.