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Coinbase on Wednesday announced that it will appoint former UK Chancellor George Osborne to his board of advisors. According to Bloomberg reports, Coinbase’s move comes at a time when the crypto exchange is facing lawsuits and is tackling the US SEC over disputes.
Coinbase brings George Osborne onboard
Coinbase’s decision continues to indicate the firm is trying to better navigate US regulators while expanding into international markets. The hiring also indicates that the crypto exchange is stepping up its efforts to tackle the SEC lawsuit which has been burdening the company for a long.
George Gideon Oliver Osborne CH is a former British politician and newspaper editor who led the Cameron administration as First Secretary of State in 2015 and as Chancellor of the Exchequer from 2010 to 2016. He served as the Tatton member of parliament from 2001 to 2017 and is a member of the Conservative Party. From 2017 to 2020, he served as the Evening Standard’s editor.
Coinbase increases efforts to navigate SEC dispute
Last June, the SEC sued Coinbase alleging that the company acted as an exchange, broker-dealer, and clearinghouse without registering with the agency for any of those roles.
The breach of trust between the two institutions was so grave that market participants were betting about the dispute becoming a bone of contention for the then-awaited Bitcoin ETF approval.
However, a few days ago, the SEC’s legal action against Coinbase changed course when Judge Katherine Polk Failla asked the regulator’s attorneys an intriguing question. The federal judge asked the regulator to identify the particular characteristics of a token that make it an investment contract, based on the theory that the SEC’s definition and explanation of some terms related to cryptocurrencies are unclear.
SEC battle is not the only worry for Coinbase
Coinbase’s current legal battle with the SEC is not its only problem. Lately, the market has been betting on the crypto exchange’s future as a dicey outlook and uncertainty have kept looming concerns. Previously, JP Morgan, a global financial firm based in the United States, cut Coinbase’s rating. The largest cryptocurrency exchange had its rating drop from “neutral” to “underweight.” This is Coinbase’s first analyst rating reduction, and it’s not good.
Coinbase announced a $2.3 million loss for the third quarter of 2023, adding to the company’s dire predictions. Even with a reduction in losses from the third quarter of 2022, experts and investors were unconvinced. To assess the trajectory of the business and the associated cryptocurrencies, Coinbase’s upcoming full-year results will be essential.
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