In response to increasing regulatory scrutiny surrounding the cryptocurrency industry, Coinbase announced the addition of four national security experts to its global advisory board. The move underscores the industry’s growing need for a deeper understanding of regulatory challenges, particularly in the wake of the collapse of Sam Bankman-Fried’s FTX exchange.
New board members Mark Esper, Stephanie Murphy, Frances Townsend, and David Urban will provide insights and guidance to Coinbase’s executive leadership team. Esper, a former United States Secretary of Defense, brings an understanding of security and government operations to the Council. A former national security specialist at the Department of Defense, Murphy contributes her expertise to defense and national security matters.
Townsend, who previously served as a counterterrorism and homeland security advisor to former President George W. Bush, brings experience in addressing critical security concerns. Urban, who was previously a managing director at BRG Group, where he oversaw ByteDance’s corporate affairs, brings a comprehensive understanding of the technology and corporate landscape.
Coinbase’s decision to bolster its advisory board with these experts underscores the importance of addressing regulatory uncertainties in the cryptocurrency space. The Council will play a role in examining the potential short- and long-term consequences of regulatory ambiguity on the economic and national security interests of the United States.
Coinbase strengthens its global advisory board https://t.co/jA8rOxGUmh pic.twitter.com/Q5ien2Ve5C
– Reuters (@Reuters) November 7, 2023
Coinbase selects Ireland as primary regulatory hub amid US challenges
Amid tightening regulatory measures in the United States and growing uncertainty about the future of the country’s cryptocurrency market, cryptocurrency exchange Coinbase has made a strategic decision to establish its main global regulatory center in Ireland, Finance Magnates reported.
As Coinbase faces increasing regulatory challenges in the United States, it has sought alternatives to ensure its continued global presence and compliance with evolving international regulations. The upcoming implementation of the European Union’s Markets in Cryptoassets (MiCA) regulation is scheduled to take effect at the end of last year.
By obtaining a license from the Central Bank of Ireland, Coinbase aims to take advantage of MiCA regulations to offer its services to all EU customers under “passporting” rights. This strategic move opens up access to a customer base of 450 million people across the European Union.
Coinbase is confident of obtaining a license from the Central Bank of Ireland, ensuring it is ready when MiCA regulations are fully implemented. Nana Murugesan, vice president of international operations at Coinbase, confirmed the company’s readiness for the regulatory transition in an interview with CNBC.
The Markets in Cryptoassets (MiCA) Regulations, officially approved in May 2023, provide a unified regulatory framework for digital assets across the European Union. Full implementation of the MiCA is expected in December 2024, with a potential transition period extending until July 2026, taking into account the considerations of individual EU Member States.
While Europe is working to create a favorable regulatory environment for cryptocurrency companies through MiCA, the United States has taken legal action against some of the largest cryptocurrency exchanges. In June, both Binance and Coinbase faced legal challenges.
The Securities and Exchange Commission (SEC) has accused Coinbase of operating an unauthorized trading platform offering unregistered digital asset securities. Additionally, the SEC alleged that Coinbase conducted a staking program as a service without proper authorization.
In response to increasing regulatory scrutiny surrounding the cryptocurrency industry, Coinbase announced the addition of four national security experts to its global advisory board. The move underscores the industry’s growing need for a deeper understanding of regulatory challenges, particularly in the wake of the collapse of Sam Bankman-Fried’s FTX exchange.
New board members Mark Esper, Stephanie Murphy, Frances Townsend, and David Urban will provide insights and guidance to Coinbase’s executive leadership team. Esper, a former United States Secretary of Defense, brings an understanding of security and government operations to the Council. A former national security specialist at the Department of Defense, Murphy contributes her expertise to defense and national security matters.
Townsend, who previously served as a counterterrorism and homeland security advisor to former President George W. Bush, brings experience in addressing critical security concerns. Urban, who was previously a managing director at BRG Group, where he oversaw ByteDance’s corporate affairs, brings a comprehensive understanding of the technology and corporate landscape.
Coinbase’s decision to bolster its advisory board with these experts underscores the importance of addressing regulatory uncertainties in the cryptocurrency space. The Council will play a role in examining the potential short- and long-term consequences of regulatory ambiguity on the economic and national security interests of the United States.
Coinbase strengthens its global advisory board https://t.co/jA8rOxGUmh pic.twitter.com/Q5ien2Ve5C
– Reuters (@Reuters) November 7, 2023
Coinbase selects Ireland as primary regulatory hub amid US challenges
Amid tightening regulatory measures in the United States and growing uncertainty about the future of the country’s cryptocurrency market, cryptocurrency exchange Coinbase has made a strategic decision to establish its main global regulatory center in Ireland, Finance Magnates reports.
As Coinbase faces increasing regulatory challenges in the United States, it has sought alternatives to ensure its continued global presence and compliance with evolving international regulations. The upcoming implementation of the European Union’s Markets in Cryptoassets (MiCA) regulation is scheduled to take effect at the end of last year.
By obtaining a license from the Central Bank of Ireland, Coinbase aims to take advantage of MiCA regulations to offer its services to all EU customers under “passporting” rights. This strategic move opens up access to a customer base of 450 million people across the European Union.
Coinbase is confident of obtaining a license from the Central Bank of Ireland, ensuring it is ready when MiCA regulations are fully implemented. Nana Murugesan, vice president of international operations at Coinbase, confirmed the company’s readiness for the regulatory transition in an interview with CNBC.
The Markets in Cryptoassets (MiCA) Regulations, officially approved in May 2023, provide a unified regulatory framework for digital assets across the European Union. Full implementation of the MiCA is expected in December 2024, with a potential transition period extending until July 2026, taking into account the considerations of individual EU Member States.
While Europe is working to create a favorable regulatory environment for cryptocurrency companies through MiCA, the United States has taken legal action against some of the largest cryptocurrency exchanges. In June, both Binance and Coinbase faced legal challenges.
The Securities and Exchange Commission (SEC) has accused Coinbase of operating an unauthorized trading platform offering unregistered digital asset securities. Additionally, the SEC alleged that Coinbase conducted a staking program as a service without proper authorization.