Cryptocurrency exchange Coinbase has announced the appointment of former UK Chancellor of the Exchequer, George Osborne, as an advisor.
Osborne’s addition to the team aligns him with other notable political figures such as ex-U.S. Secretary of Defense Dr. Mark T. Esper and former U.S. Senator Patrick Toomey, who are also part of Coinbase’s Global Advisory Council.
George Osborne Appointed as Advisor to Coinbase
Former UK Chancellor George Osborne has taken on a new role as an advisor to the cryptocurrency exchange Coinbase. Osborne’s tenure as Chancellor from 2010 to 2016 is a highlight of his extensive career in government and international finance.
Currently a partner at boutique investment bank Robey Warshaw LLP, his past experiences also include serving as the editor-in-chief of the London Evening Standard and as an advisor to the BlackRock Investment Institute.
Coinbase Bolsters Global Advisory Council Amid Regulatory Changes
Osborne’s appointment places him among other influential political figures on Coinbase’s Global Advisory Council, including former U.S. Secretary of Defense Dr. Mark T. Esper, ex-U.S. Senator Patrick Toomey, former U.S. representative Stephanie Murphy, and ex-Congressman Sean Patrick Maloney.
Coinbase Chief Policy Officer Faryar Shirzad expressed enthusiasm about leveraging Osborne’s diverse expertise in business, journalism, and government.
The Advisory Council plays a key role in shaping Coinbase’s expansion and strategy, particularly at a time when the company is navigating complex regulatory landscapes.
Coinbase has recently extended its reach internationally, gaining licenses in several countries and expanding to over 20 African nations, despite facing legal challenges from U.S. regulators.
Coinbase and the Changing Dynamics of Crypto Regulation in the UK
The UK’s commitment to becoming a web3 global hub, as articulated by Prime Minister Rishi Sunak, has been a driving force behind its approach to crypto regulation. Sunak’s plans, announced in June, aim to establish a clear regulatory framework for crypto businesses in the country.
Despite these intentions, the crypto industry has seen a mixed response, with some firms choosing to suspend operations or exit the UK market due to strict new marketing rules set by the financial regulator.
On the other hand, Coinbase has experienced significant growth in the UK, identifying it as one of its fastest-expanding markets. Research by Coinbase reveals a high rate of cryptocurrency adoption among UK adults.
During the UK Fintech Week in 2023, Coinbase CEO Brian Armstrong discussed the proactive steps taken by the UK in creating a regulatory environment conducive to crypto innovation.
Osborne, with his extensive experience in finance and government, views blockchain technology as a transformative force in the financial sector and sees Coinbase at the forefront of these developments. His role at Coinbase is aimed at guiding the company through the evolving financial landscape.