Coinbase Bolsters Crypto Influence with High-Profile Appointments

Coinbase, a leading cryptocurrency exchange, has bolstered its advisory board with the addition of prominent figures from the worlds of finance and politics. The new members include William Dudley, a former president of the Federal Reserve Bank of New York, and Chris LaCivita, a political consultant and co-manager of President Trump's 2024 campaign.

Kyrsten Sinema, a former Democratic Arizona senator who once proposed eliminating taxes on crypto transactions under $50, and Luis Alberto Moreno, managing director of Allen & Co. and a member of the World Economic Forum's Board of Trustees, have also joined the council. Coinbase's chief policy officer, Faryar Shirzad, stated that these new members represent "some of the brightest minds across finance, tech, and politics," who will help guide the company's direction as "the world enters a new era for crypto."

Dudley, who previously warned about the dangers of cryptocurrencies due to their perceived lack of underlying value, now believes that Coinbase can ensure crypto's integration into the financial system in a safe and beneficial way for Americans. Coinbase has been working with mainstream financial institutions, such as BlackRock, to embrace the industry's ascent into the mainstream.

Coinbase's ties to the Trump administration have deepened with the addition of LaCivita to its advisory council. LaCivita has close ties to the Republican National Committee and likely continues to have a relationship with the US president. He echoed Trump's claims of making the US a leader in digital assets and criticized the Biden administration's approach to legislation and regulation.

Coinbase established its advisory council in May 2023 to navigate the increasingly complex and evolving crypto landscape globally. The council's members have included several former US lawmakers, and the company has been actively seeking to influence US congressional elections to support "pro-crypto" candidates.

With the election of Trump, some executives at crypto firms have suggested that the SEC's new leadership could drop enforcement cases, potentially including Coinbase's. A federal judge is currently pending a decision by the Second Circuit Court of Appeals that could reverse an order denying the exchange's motion for judgment.