Coinbase Taps OpenAI Executive and Ex-US Solicitor General to Its Board
Coinbase has appointed three members to its board of directors to oversee the operation of the crypto exchange.
The American headquartered crypto exchange Coinbase has appointed three new members to its board. The new appointees include OpenAI executive Chris Lehana, former US Solicitor General Paul Clement, and chief financial officer at Aon Christa Davies.
Coinbase Seeks to Strengthen its Leadership with New Appointees
The three executives will guide the Coinbase board of directors on improving the company’s profitability. According to the press release, the Coinbase board will have ten members. The newly appointed board will represent the interests of the shareholders and perform their fiduciary duties accordingly.
With the changes in the crypto sector, Coinbase has faced legal actions due to noncompliance with the existing regulations. To enhance compliance, Clement will join the Coinbase Audit and Compliance Committee.
With vast experience in legal matters, Clement will support Coinbase in monitoring the company’s financial reports and internal control system.
In his new role, Clement will assist Coinbase in pushing for comprehensive regulation of digital assets and challenge the US Securities and Exchange Commission (SEC) enforcement action against the firm.
Earlier this week, Coinbase was fined $4.5 million by the British regulators for violating the voluntary agreement of onboarding users. On several incidents, the regulators noted that Coinbase onboarded customers who were considered high-risk on the platform, which violated the regulatory agreement.
Crypto Firms Calls Clear Regulations for Digital Asset
In May, Coinbase filed a lawsuit against the SEC for failure to provide a comprehensive regulatory framework for digital assets. The crypto exchange urged crypto firms to comply with the securities law, hoping that the industry fortune would sway if the Republican presidential candidate, Donald Trump, won the November election.
Coinbase leads other crypto exchanges in pushing for Trump’s election. Coinbase supports the “Stand with Crypto” movement in the ongoing campaigns to unify crypto votes. Through the contribution of Coinbase, the crypto advocacy group has registered over 1.3 million members.
Apart from supporting the election of Trump, Coinbase joined the super political action committees (PAC) to raise $230 million to support pro-crypto political vying in the November 5 general election.
If Trump is elected, the crypto community anticipates a shift in the digital space. However, Coinbase was prepared to comply more with the existing crypto regulations before the election.
The appointment of Lehane aims to strengthen Coinbase’s leadership to steer the company in a direction that attracts success. Lehane will leverage his expertise to provide strategic counsel to Coinbase leadership.
The executive boast of leading high-profile companies such as Airbnb and offered legal advice to former US President Bill Clinton. In an interview with Reuters, Lehane confirmed that for crypto to succeed, the key market players must be bipartisan.
Lehane’s statement demonstrated that the crypto community must embrace collaborative efforts to bring positive changes to the digital sector.
Roles of Coinbase Board
According to the press release, Davies will support Coinbase in attaining operational and financial excellence on a global scale. The new hires will succeed Kathryn Haun, who stepped down from the Coinbase board in April.
Haun served on the board for nearly seven years and vowed to support Coinbase even after her departure. The executive stated that she will focus on improving the performance of her crypto startup, Haun Ventures.
Despite the departure of Haun, Coinbase remains at the forefront of pushing for the mainstream adoption of crypto.
On X, Coinbase stated that the appointment of the three board members demonstrated that crypto has proven to be a powerful tool for updating the current system.
The three executives hold different political philosophies and career backgrounds that will bring positive change to the crypto industry.
The appointment coincides with Coinbase’s efforts to unify the crypto community and bring change to the crypto sector. In September, the Coinbase team noted that 9 to 10 Americans demanded a change in the existing financial system.
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