Coinbase Ramps Up Political Influence, Adds Trump Strategist and Former Fed President to its Advisory Council – CryptoMode
Coinbase exchange has announced that US President Donald Trump’s co-campaign director for the 2024 election will join its advisory council to address digital asset regulation.
The exchange announced in a notice dated January 29 that Former Trump co-campaign manager Chris LaCivita will join former US Senator Kyrsten Sinema, former New York Fed President Bill Dudley, and former Colombian Ambassador to the US Luis Alberto Moreno on its Global Advisory Council.
Coinbase Adds Political Figures to Its Advisory Council
LaCivita has strong connections to the Republican National Committee and probably still has a relationship with the US president, having worked to help elect him. LaCivita says that the crypto business “deserves better” than the legislative and regulatory strategies of the former US President Joe Biden’s administration.
He restated Trump’s assertions that the US would become the world’s leader in digital currency. In May 2023, Coinbase formed an advisory council to reach an agreement on the “increasingly complex and evolving” global cryptocurrency ecosystem.
Several former US senators, notably former Senator Pat Toomey, have served on this group. After the US election, Coinbase CEO Brian Armstrong met with Trump in November to discuss personal appointments.
The exchange stated that it was dedicated to supporting the shift from the Biden era and donated $1 million to Trump’s inauguration fund. Brian Armstrong also said in 2020 that Coinbase would not back any particular cause or candidates that did not support its objective.
Read more: Coinbase To Operate in Argentina After Securing Regulatory Clearance
Coinbase And The US SEC Lawsuit
The exchange began attempting to sway the results of US congressional elections after receiving a Wells notice from the US Securities and Exchange Commission in 2023, even though the notice eventually resulted in a civil lawsuit. In 2024, the company contributed $45 million to support the election of “pro-crypto” candidates.
After Trump’s inauguration, some cryptocurrency company CEOs have indicated that the SEC’s incoming leadership could dismiss enforcement cases, including Coinbase’s case.
