Coinbase Expands Regulatory Support with Hire of Ex-UK Government Minister

9 months ago 5

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Coinbase has continued to actively recruit former government officials for key roles. The most recent addition for Coinbase is George Osborne, the former UK Finance Minister, who is set to provide guidance on the exchange’s global expansion.

This comes after Coinbase emerged as the selected custodian among asset management firms following the recent approval of spot Bitcoin ETF applications in the United States.

Coinbase Hires to Bolster Expansion Efforts

In a post on X (formerly Twitter), Coinbase’s Chief Policy Officer Faryar Shirzad officially confirmed the hiring of former UK government official George Osborne for its ongoing global expansion efforts:

“George is one of the most experienced and thoughtful leaders in government and business, and we are grateful to have his advice and counsel as we expand Coinbase around the world.”

Osborne previously held the role of the chief financial minister in charge of rising revenue through taxation or borrowing and for controlling public spending.

Recently, the United States scrutinized the hiring practices of crypto firms engaging former government officials.

In December 2023, Senator Elizabeth Warren penned a letter to the CEO of the Blockchain Association, advising against crypto firms recruiting former government officials for their efforts in advocating crypto within regulatory frameworks:

“I write regarding a troubling new report that your association and other crypto interests are “flexing a not-so secret weapon: a small army of former defense, national security and law enforcement officials” to work on your behalf.”

Meanwhile, Coinbase’s competitor exchange, Kraken, recently hired a Coinbase executive to join its team. CEO of Kraken, David Ripley, clarified that Marcus Hughes will be the new global head of regulatory strategy.

Previously, Hughes held the position of Managing Director for Coinbase’s European business and served as the General Counsel for its international operations.

Coinbase maintained steady revenue levels in the last two years, experiencing a significant surge in 2021, coinciding with Bitcoin reaching its record high of $68,789.

Coinbase Sees Decline in Popularity on Apple App Store

However, in more recent news, Coinbase has seen a noticeable decline in its popularity on the Apple App Store in recent times.

On January 31, BeInCrypto reported that Coinbase currently holds the 40th position within Apple’s App Store finance category.

Managing partner of crypto venture fund Dragonfly.xyz Haseeb Qureshi compares this with its status just three years ago when the app not only claimed the top spot but maintained that position for several consecutive days.

“In 2021, it was continuously ranked #1 in Finance, and on several days, was #1 across the entire App Store.”