Coinbase Strengthens Advisory Board With Addition of Ex-UK Chancellor

• The hiring suggests that coinbase is intensifying its attempts to resolve the SEC litigation.
• The SEC filed a lawsuit against Coinbase in June of last year.

Coinbase announced that former UK Chancellor George Osborne would join its board of advisors. Disputes with the U.S SEC and litigation against the cryptocurrency exchange have likely prompted the move.

The action by Coinbase further shows that the company is attempting to sidestep U.S regulations as it expands into other countries. Additionally, the hiring suggests that the cryptocurrency exchange is intensifying its attempts to resolve the long-standing SEC litigation.

George Oliver Osborne CH is a retired British lawmaker and newspaper editor. He served as Chancellor of the Exchequer from 2010 to 2016 and First Secretary of State in the Cameron government in 2015. He was a Conservative Party member who represented Tatton in parliament from 2001 until 2017. He oversaw the Evening Standard as its editor from 2017 to 2020.

Ongoing SEC Lawsuit

The SEC filed a lawsuit against Coinbase in June of last year, claiming that the exchange had engaged in activities unregistered with the agency, including those of an exchange, broker-dealer, and clearinghouse.

Market players were speculating that the issue will become a point of contention for the then-anticipated approval of the Bitcoin ETF due to the severe breakdown of trust between the two organizations.

Just recently, however, Judge Katherine Polk Failla posed an interesting question to the SEC’s lawyers, which caused the case against Coinbase to take a different turn. On the grounds that the SEC’s explanations and definitions of some cryptocurrency words are imprecise, a federal court has requested that the agency specify what features of a token constitute an investment contract.

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