Coinbase Recruits a New Batch of Security Experts
by Oskar Trotman
The evolving crypto landscape poses many challenges for blockchain companies. Coinbase has decided to tackle some obstacles by strengthening its Global Advisory Council by hiring four new members, all national security experts previously holding high positions in the U.S. government.
The new quartet was announced on November 7th and includes Mark T. Esper, former U.S. Secretary of Defense. Frances Townsend, a counterterrorism and Homeland Security advisor in the George W. Bush administration. Former U.S. representative Stephanie Murphy, and David Urban, a former managing director at BRG Group.
The resumes of these four new members of the Global Advisory Council are far broader than the short outline provided. Combined, these four contribute with a multi-decade experience in sectors such as security, law, and economics. The decision to add extra muscle to the Global Advisory Council stems from the need for quality strategic advice that will help Coinbase to smoothly sail through the challenging regulatory landscape and the developing industry.
Team With Unique National Security Insights
Adding prestigious names to a company’s roster is nothing new in the business sphere. Many corporations make such moves to enhance their credibility in times of crisis by associating with respected former government officials. But also harnessing the networking potential these caliber of people bring to an organization.
However, the new team members are not contributing only star power. They will be crucial pieces in the company’s strategic thinking by offering their unique national security insights, which are essential for blockchain development.
After the bankruptcy of FTX and last week’s verdict, which convicted Sam Bankman-Fried of stealing from customers, the entire crypto industry is under scrutiny. Regulatory agencies have started a legal offensive to curtail blockchain companies’ freedom of maneuver in the business landscape and prevent similar frauds such as FTX.
Companies are responding to the increased pressure by bolstering their teams and trying to find new bases of operation which offer a more hospitable business climate for blockchain entities. At the end of October, Coinbase announced that Ireland had been chosen as its EU MiCA entity location. This country was elected because of the supportive political environment towards crypto and FinTech companies.
Coinbase Still Prioritizes the U.S.
The latest expansion of the already competent Global Advisory Council signals that Coinbase is not giving up on the U.S. market. On the contrary, the company will attempt to steer a course by evaluating the consequences of the latest regulatory crypto frameworks and how they balance out with long-term national security and economic impacts.
Unlike the resistance in the U.S., most international economies are making serious inroads towards a broader acceptance of digital tokens, and that starts by adding current regulatory frameworks to accommodate crypto.
The U.S. might be playing catch up soon in multiple blockchain sectors for financial infrastructure and international payments. Crypto is challenging the U.S. dollar dominance, and the pushback is serious. Coinbase is trying to legitimize crypto in America, which entails going against the U.S. Securities and Exchange Commission (SEC) in several legal disputes.