Coinbase Boosts Board with 3 New Appointments, Including Former Clinton Strategist

Cryptocurrency exchange Coinbase has recently enhanced its board of directors by appointing three new members, including a prominent OpenAI executive with a strong  political background. The announcement  was made on July 25.

The exchange has been vocal about the need for clear regulatory guidelines in the crypto industry, often pushing back against regulators for more transparency and fairness. However, the company continues to face compliance issues globally. The UK’s Financial Conduct Authority (FCA) penalized Coinbase’s UK affiliate $4.5 million recently for not meeting legal criteria on the onboarding and servicing of high-risk clients.

Support in a Challenging Situation

All three incoming directors believe in using cryptocurrencies to improve financial inclusion—especially for underprivileged areas. Their combined knowledge is likely to enable Coinbase to negotiate its challenging regulatory environment and support innovation in the cryptocurrency sector. Brian Armstrong, the co-founder and CEO of the exchange, states:

“Excited to have the smartest political, legal, and financial minds from around the world (and from both sides of the aisle) joining the crypto movement.”

Chris Lehane

Among the new appointees is Chris Lehane, who has joined Coinbase’s board as one of its 10 directors. Lehane provides a great deal of political strategy and public relations experience having been President Bill Clinton’s strategist during his 1992 campaign and later government. Among his earlier successes are helping Airbnb to establish legal operations both domestically in every 50 US states and abroad. Lehane presently serves OpenAI as Vice President of Public Works.

Before his board nomination, Lehane was already helping Coinbase as a member of its Global Advisory Council.

Christa Davies

Joining Lehane on the board are Christa Davies and Paul Clement. Davies has a lot of financial operations knowledge having formerly been the chief financial officer of Aon, a management consulting company. She also performed similar duties for Microsoft’s platforms and services team. Davies will support the financial management and regulatory adherence of Coinbase by serving on the audit and compliance committee.

Paul Clement

Paul Clement, a distinguished attorney and former partner at the law firm Clement and Murphy, also joins the board. Clement has a notable legal career, having argued over 100 cases before the US Supreme Court. He served as the US Solicitor General under President George W. Bush, contributing his expertise during a critical period for the administration. At Coinbase, Clement will assist the audit and compliance committee alongside Davies.

In addition to strengthening its board, Coinbase is expanding its service offerings. The exchange launched a new crypto app earlier in July intended to improve user experience by better portfolio management. This app includes features for handling crypto, Non-Fungible Tokens (NFTs), and Decentralized Finance (DeFi) assets.