Coinbase expands its board to boost its influence as the crypto industry seeks to become a key political force in this year’s presidential election.
Coinbase, one of the largest cryptocurrency exchanges in the United States, has added three new members to its board of directors, which shows that the company is ramping up its lobbying in Washington, D.C. The expansion increases the size of the board from seven to ten members and brings representatives of different fields.
The new members are Chris Lehane who is an executive at OpenAI, Paul Clement who served as the U.S. Solicitor General under President George W. Bush, and Christa Davies who is the CFO at Aon and is a board member of Stripe and Workday. These appointments come as Coinbase looks to expand its power and presence in the crypto space and in Washington.
Chris Lehane, who previously served as the policy chief at Airbnb and worked at Clinton White House, will help Coinbase in cryptocurrency policy issues. Paul Clement will handle cases against the U.S. Securities and Exchange Commission (SEC) and advocate for more definite rules regarding digital assets.
Davies, who has extensive experience in financial and operational management, will support Coinbase’s international financial management and operational efficiency. These diverse views will enable Coinbase to reach both the left and the right sides of the political divide, which is important for the industry.
Coinbase’s action is timely as the cryptocurrency industry gets set to influence political decisions, especially with Trump’s potential presidency. The company also stresses on the importance of having support from both the Democrats and the Republicans to make the crypto sector successful.
The advocacy group that is supported by Coinbase, known as Stand With Crypto, has already acquired 1.3 million members, and pro-crypto super PACs have raised over $230 million to support favorable candidates.
These steps demonstrate that Coinbase is ready to play an active role in the evolution of the cryptocurrency regulation and its influence on the U. S. political system.