Coinbase Buffs Up With Big-name Advisory Board

The crypto exchange announced a global advisory council that would be made up of several former US lawmakers

article-image

Former US Senator Pat Toomey | Christopher Halloran/Shutterstock.com modified by Blockworks

share

Coinbase is now working with three former US lawmakers to “help navigate” an evolving crypto regulatory landscape in a possible bid to reestablish a cordial relationship with American regulators. 

The first members of Coinbase’s Global Advisory Council will include former Senator Patrick Toomey, R-Pa., and two former Democratic congresspeople, Tim Ryan and Sean Patrick Maloney. 

Coinbase told investors that the formation of this council marks a “significant step” in dealing with regulatory pressures in the US and globally in a statement last Friday. Though there was a heavy focus on the US, where the crypto exchange is based.  

“We chose to build in America because we want to be part of the solution and believe America would be best served by embracing the potential of crypto and blockchain technology,” Coinbase wrote. “Our new Advisory Council will play a key role in helping us work with regulators to achieve that goal.”

Coinbase is following in the footsteps of Binance, which formed a similar advisory board in September 2022. It was headed up by Max Baucus, an ex-Democratic senator from Montana who was US ambassador to China. 

Coinbase’s new council will also work closely with members of another Coinbase advisory board which includes former SEC Chair Jay Clayton and former CIA General Counsel Courtney Elwood, according to the company’s statement.

Coinbase established this new board following news that the crypto exchange is planning an international expansion, with Bermuda becoming the first nation to embrace them setting up shop. 

After the SEC served Coinbase with a Wells notice in late March over alleged securities violations, CEO Brian Armstrong said in April that completely relocating outside the US “is on the table.” His comments came just two years after Coinbase became a public company. 

Coinbase also said that it has plans to expand the council this year “with a bipartisan group of leaders with deep regulatory expertise.”

Blockworks reached out to Coinbase but didn’t receive an immediate response.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates.png

Research

The convergence of DePIN and energy generation aims to address modern grid challenges by incentivizing distributed generation.

article-image

Stripe announced Stablecoin Financial Accounts, which will allow businesses to have “stablecoin-powered accounts”

article-image

The deal is made up of $700 million in cash and 11 million shares of Coinbase’s Class A common stock

article-image

Blockworks Research uses numbers to help crypto advance to a higher stage of storytelling

article-image

While Arizona’s governor could veto another crypto reserve bill, similar North Carolina and Texas laws are approaching the finish line

article-image

However, they noted there’s now an increased risk that unemployment and inflation will rise in the coming months.