George Osborne Joins Coinbase as Global Advisor: A New Chapter in Crypto Regulation

The cryptocurrency market has been witnessing a significant surge in recent years, with major players entering the scene and bringing their expertise to the table. One such player is Coinbase, a leading cryptocurrency exchange that has recently announced the addition of a high-profile figure to its global advisory council. George Osborne, the former finance minister of the United Kingdom, has joined Coinbase to provide insights and experiences as the company grows its reach around the world.

Osborne’s ties with Coinbase are not entirely new. He has previously interacted with the exchange at a U.K. fintech event in London and at the World Economic Forum in Davos, Switzerland. The former chancellor of the exchequer brings a wealth of experience in business, journalism, and government to the table. Coinbase’s chief policy officer, Faryar Shirzad, expressed the company’s excitement about having Osborne join their council at an exciting time for the company in the U.K. and globally.

Osborne’s role at Coinbase will be in an advisory capacity, helping connect the company with politicians and regulators to further the cause of forming crypto-friendly regulations. During his tenure as the finance minister, Osborne launched a series of austerity policies aimed at reducing the budget deficit, including freezing child benefits, reducing housing benefits, and implementing a two-year pay freeze for public sector workers. He also tried to stimulate business activity by cutting corporation tax.

After completing his tenure as Britain’s finance minister, Osborne became the temporary editor-in-chief at London’s Evening Standard newspaper. He is currently a partner at Robey Warshaw LLP, a boutique investment bank. In a statement, Osborne expressed his excitement about the innovation in finance and the transformative potential of blockchains in financial markets and online transactions. He looks forward to working with the Coinbase team as they build a new future in financial services.

Coinbase’s expansion in Europe
Coinbase’s relationship with Osborne first emerged last year when Coinbase’s CEO Brian Armstrong spoke onstage in a fireside moderated by Osborne at a fintech event in London. Osborne subsequently spoke with Coinbase’s chief financial officer, Alesia Haas, at a fireside chat in the Belvedere Hotel during the World Economic Forum in Davos, Switzerland.

Coinbase has made a significant land grab across Europe, expanding in multiple countries over the last few months with new licenses in place. The company was granted a virtual asset service provider license in France last month, paving the way for expansion of its services there. It has also recently secured licenses in Spain, Singapore, and Bermuda.

Regulatory pressure on Coinbase in the U.S.
Coinbase is currently facing a harsh regulatory crackdown in the U.S. where the Securities and Exchange Commission (SEC) has accused the company of violating securities laws. Coinbase denies the allegations. Osborne’s regulatory expertise and connections will be invaluable in navigating the complex regulatory landscape and ensuring that Coinbase remains compliant with regulations while continuing to innovate and grow.

Osborne’s openness to investing more abroad
Last year, Coinbase chief Armstrong appeared on stage with Osborne at the Innovate Finance Global Summit conference in London. At the event, Armstrong expressed his openness to investing more abroad, including relocating from the U.S. to the U.K. or elsewhere if the regulatory pressure on crypto companies continues. However, Armstrong later clarified that Coinbase had no formal plans to relocate from its U.S. headquarters in San Francisco.

Conclusion
George Osborne’s addition to Coinbase’s global advisory council marks an exciting new chapter for the company as it continues to expand its reach around the world and navigate the complex regulatory landscape. Osborne’s wealth of experience in business, journalism, and government, as well as his regulatory expertise and connections, will be invaluable in helping Coinbase connect with politicians and regulators and further the cause of forming crypto-friendly regulations. The partnership between Osborne and Coinbase is a testament to the growing importance of cryptocurrencies and blockchain technology in the financial world and the need for experienced and knowledgeable figures to guide their growth and development.