Coinbase Expands Advisory Council, Signals Shift in Crypto Regulation
Coinbase has appointed four new members to its global advisory council, including former Trump campaign manager Chris LaCivita. LaCivita, along with former U.S. Senator Kyrsten Sinema, ex-New York Fed President Bill Dudley, and Allen & Co. Managing Director Luis Alberto Moreno, will advise the company on navigating global crypto regulations.
The appointments come amidst Coinbase's legal battles with the SEC and rising expectations of eased regulatory scrutiny under the Trump administration. LaCivita's appointment is particularly notable, given his ties to the Republican party and his criticism of the Biden administration's crypto regulation approach.
In line with Trump's pro-crypto stance, the company has made significant investments in digital assets and appointed David Sacks as its "White House AI & Crypto Czar." Coinbase CEO Brian Armstrong has also met with Trump, reportedly discussing personnel appointments.
The advisory council's expansion reflects Coinbase's growing influence in shaping cryptocurrency policy. The company has partnered with BlackRock to offer institutional crypto services, and analysts predict significant growth for Bitcoin under the Trump administration.
Kyrsten Sinema, a vocal advocate for tax exemptions on small crypto transactions, adds another pro-crypto voice to the council. The SEC's recent formation of a task force to develop a regulatory framework for digital assets indicates potential policy shifts under Trump.
Coinbase's move to deepen its ties with political and financial leaders underscores its commitment to influencing the future of cryptocurrency regulation. The advisory council appointments signal a shift in the regulatory landscape, with the industry anticipating a more favorable approach under the Trump administration.