Coinbase announced Wednesday that four new members are joining its advisory council, bringing expertise in finance and politics, including the co-manager of President Trump’s recent successful campaign.
Coinbase revealed that William Dudley, former president of the Federal Reserve Bank of New York, and Chris LaCivita, co-manager of Trump’s 2024 campaign, are joining its global advisory council. It also noted that Kyrsten Sinema, the former Democratic senator from Arizona who proposed eliminating taxes on crypto transactions under $50, will also join the council.
Coinbase Brings In Influential Figures
LaCivita, with strong ties to the Republican National Committee, criticized Biden’s approach to crypto regulation and supported Trump’s vision of making the U.S. a leader in digital assets.
Coinbase created the advisory council in May 2023 to navigate the growing and complex global crypto landscape. The council includes former U.S. lawmakers, such as former Senator Pat Toomey. With Trump’s SEC becoming more crypto-friendly and aiming for clearer regulations, Coinbase is bringing in influential figures to help push its goals.
“I believe we’ve reached a pivotal moment in crypto’s evolution,” said William Dudley, the former New York Fed president. “Coinbase can ensure it is safely integrated into our financial system for the benefit of Americans.”
Coinbase CEO Brian Armstrong met with Trump after the election to discuss personnel appointments. Coinbase also donated $1 million to Trump’s inauguration fund and expressed support for the transition from Biden’s administration.
In 2020, Armstrong said Coinbase wouldn’t back specific political causes, but after facing a legal challenge from the SEC in 2023, the company contributed $45 million to support pro-crypto candidates in 2024.
Will Coinbase Benefit From Trump Administration?
With Trump’s election, some in the crypto industry believe the SEC’s enforcement actions may ease, potentially benefiting Coinbase’s ongoing legal battle. In January, a federal judge paused Coinbase’s case while the Second Circuit Court of Appeals decides whether to overturn a previous ruling that rejected Coinbase’s request to dismiss the case.
After attending the World Economic Forum in Davos, Coinbase CEO Brian Armstrong stated that the exchange will collaborate with corporate leaders, including banks and asset managers, as investments in crypto grow. He emphasized the need for crypto to modernize the global financial system and highlighted Coinbase as an institutional-grade partner for those entering the crypto space.
