Coinbase Seeking Political Expert to Handle Relations With Policymakers

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US-based cryptocurrency exchange, Coinbase, is looking to hire a new executive with political experience and judgment to manage its relationship with Washington. The need for a political expert has become more evident after the company’s relationship with the Securities and Exchange Commission (SEC) deteriorated over the past few weeks.

According to the Job listing on its website, the publicly traded exchange wants a communications manager for United States policy. The job description includes managing the company’s media relations and strategic presence and critical policy debates in Washington DC and other key states in the country.

The person will also help build relationships with policymakers in DC while analyzing all commentaries related to policy and media to guide and evaluate Coinbase’s Director of Global Policy Communications and its policy team. Generally, the role requires monitoring, evaluating, and coordinating Coinbase’s relations with policymakers throughout the country.

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In choosing a candidate, the exchange is looking for someone passionate about politics and media relations, has an excellent political judgement, extensive media and political network in Washington, excellent communication skills, among many other qualities.

Apart from this role, there are over 350 vacancies in the company. Of these job openings, 24 are in the legal and compliance team, showing that Coinbase is working on beefing up this area of its operations.

Why Coinbase is Hiring a Political Expert

Coinbase was recently involved in a face-off with the securities and exchange commission (SEC) over its decision to provide a lending service product to its customers.

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Coinbase had planned to start its Coinbase Lend program, which would see users earn a 4% annual yield on their stablecoins deposit. But it had to abandon it after the SEC threatened to sue, claiming the program is a security.

The Brian Armstrong-led exchange revealed that the financial regulator had threatened to sue it if it chose to continue with the offer. The crypto firm, on the other hand, denied any wrong doing and asserted that it had attempted to speak to the regulator about the product, however, the regulator provided no reasons for its decision.

This lack of response led to the CEO of the firm calling out the Gensler-led commission for being “sketchy.”

Per the official statement released by the exchange, “Coinbase’s Lend program doesn’t qualify as a security — or to use more specific legal terms, it’s not an investment contract or a note. Customers won’t be “investing” in the program, but rather lending the USDC they hold on Coinbase’s platform in connection with their existing relationship. And although Lend customers will earn interest from their participation in the program, we have an obligation to pay this interest regardless of Coinbase’s broader business activities… The SEC told us they consider Lend to involve a security, but wouldn’t say why or how they’d reached that conclusion.”

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