In an effort to resolve disputes with the SEC, Coinbase will welcome former British Chancellor George Osborne onto its board of advisors.
Coinbase announced on Wednesday that former British Chancellor George Osborne will join the organization’s board of advisors. Bloomberg reports that Coinbase’s action coincides with the cryptocurrency exchange being confronted with litigation and the US SEC regarding disputes.
Coinbase Recruits George Osborne
Coinbase’s continued action suggests the company is expanding into international markets while attempting to navigate US regulators more effectively.
Additionally, the employment suggests that the cryptocurrency exchange is intensifying its efforts to address the SEC lawsuit that has been a longstanding burden for the business.
Gonzalo Gideon, a former British politician and newspaper editor Oliver Osborne CH, served as Chancellor of the Exchequer from 2010 to 2016 and as First Secretary of State in 2015.
He oversaw the Cameron administration during that time. Political affiliation: Conservative Party member. From 2001 to 2017, he represented Tatton in the legislature. He was editor at the Evening Standard from 2017 to 2020.
Coinbase Improves its Efforts With Regards to SEC Dispute
A lawsuit was filed by the SEC against Coinbase in June of last year, wherein the company was accused of operating without registration with the agency as an exchange, broker-dealer, and clearinghouse.
Due to the severe violation of trust between the two institutions, market participants wagered that the dispute would become a contentious issue in the approval process for the much-anticipated Bitcoin ETF.
However, the SEC’s legal action against Coinbase changed course a few days ago when Judge Katherine Polk Failla posed an intriguing query to the regulator’s attorneys.
The federal judge requested the regulator to specify the attributes of a token that qualify it as an investment contract on the grounds that the SEC’s definition and explication of specific cryptocurrency-related terms are ambiguous.
SEC battle Not Being Coinbase’s only concern
Aside from its ongoing legal dispute with the SEC, Coinbase has additional issues. As concerns persist regarding the crypto exchange’s future, the market has recently placed bets on its stability in the face of a bleak outlook and uncertainty.
In the past, JP Morgan, an American-based global financial institution, downgraded Coinbase’s rating. The rating for the largest cryptocurrency exchange was reduced from “neutral” to “underweight.” This is an unfavorable first analyst rating reduction for Coinbase.
Coinbase reported an additional $2.3 million loss for the third quarter of 2023, further solidifying the organization’s pessimistic forecasts. Despite declining losses compared to the third quarter of 2022, investors and experts remained unconvinced. To evaluate the course of the company and the related cryptocurrencies, it will be critical to have access to Coinbase’s forthcoming annual results.
