By Elizabeth Howcroft and Phoebe Seers Dec 18 (Reuters) - U.S. crypto exchange Coinbase has appointed former British finance minister George Osborne to run its internal advisory council, the company
Coinbase Names George Osborne to Lead Advisory Council
By Elizabeth Howcroft and Phoebe Seers
Dec 18 (Reuters) - U.S. crypto exchange Coinbase has appointed former British finance minister George Osborne to run its internal advisory council, the company said on Thursday, as it aims to expand its influence with governments beyond the U.S.
The crypto industry has become a major lobbying force in the U.S. in recent years. Coinbase now wants to increase its influence on policy-making outside the U.S., including in Britain and the European Union, the company's chief policy officer Faryar Shirzad told Reuters.
Osborne, who joined Coinbase as an adviser in January 2024, will "play a much more active role in helping us with policymakers around the world," Shirzad said. He will be based in London.
The former finance minister, who served from 2010 until he stepped down after the 2016 Brexit referendum, has taken on a wide-ranging portfolio of jobs in the private sector.
On Tuesday, U.S. AI company OpenAI announced it had hired Osborne to help its overseas data centre expansion. He is also the chair of the British Museum, a partner at investment bank Robey Warshaw LLP, and the chair of asset manager Lingotto Investment Management.
"Chairing the Global Advisory Council will give me more opportunity to learn about the revolution that blockchain, stablecoins and tokenisation are bringing to our financial system," Osborne said in a written statement.
The crypto industry, including Coinbase, collectively donated more than $245 million to support pro-crypto candidates, including President Donald Trump, in the 2024 U.S. elections, according to Federal Election Commission data.
Following Trump's election, the U.S. government and regulators have taken steps to support crypto, including enacting new legislation to facilitate the use of stablecoins and dropping key lawsuits against Coinbase and other crypto companies. The industry has said that it was unfairly targeted by U.S. regulators, although financial watchdogs have called for more oversight.
In the UK, Coinbase's aims include promoting stablecoin payments and so-called "tokenised" assets in capital markets, as well as clarity on tax, Shirzad said.
(Reporting by Elizabeth Howcroft and Phoebe Seers; Additional reporting by Hannah Lang; Editing by Edmund Klamann)
