Having been selected as the custodian for spot Bitcoin ETFs in the US, Coinbase is looking to raise its profile as a trusted partner for the largest US fund managers. To that end, Coinbase is actively recruiting former government officials for key positions.
The cryptocurrency exchange has hired former UK Chancellor of the Exchequer George Osborne as its head of global expansion, BeInCrypto reports.
In an official announcement to X, Coinbase's Chief Policy Officer, Faryar Shirzad, introduced former UK finance minister George Osborne and congratulated him on joining its Global Advisory Council.
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"George is one of the most experienced and thoughtful leaders in government and business. His advice and guidance on expansion will be of great benefit to Coinbase," Faryar Shirzad wrote.
Brian Armstrong, CEO of the cryptocurrency platform, also congratulated George Osborne.
In the UK government, George Osborne was responsible for increasing revenue from taxation or borrowing and also controlled public spending while serving as Chancellor of the Exchequer.
It is worth noting that the US authorities are concerned about the practice of cryptocurrency companies hiring former government officials to advise on regulations. In particular, US Senator Elizabeth Warren previously sent a letter to the CEO of the Blockchain Association urging her not to hire former government officials to help crypto companies protect themselves within the regulatory framework.
The letter reads, "I write regarding a troubling new report that your association and other crypto interests are "flexing a not-so-secret weapon: a small army of former defense, national security, and law enforcement officials” to work on your behalf."
Also read: Bitcoin could reach $2.3 million
