George Osbourne lands role with Coinbase

FORMER Chancellor of the Exchequer George Osborne has been appointed to cryptocurrency exchange Coinbase's advisory council.

The 52-year-old, who had recently been editor and then editor-in-chief of the Evening Standard newspaper, is expected to assist with the exchange's aims of global expansion.

However, the San Francisco-based company is at the dawn of an almighty legal battle with US financial regulator the Securities and Exchange Commission (SEC) - a factor which could deliver a massive distraction to its wider ambitions.

The SEC is set to sue Coinbase after accusing it of various allegations around disclosure and failure to protect investors. The company - particularly its founder Brian Armstrong - has vehemently denied the allegations, and is spoiling for a court battle with the SEC and its chief Gary Gensler.

“There’s a huge amount of exciting innovation in finance right now,” Mr Osborne commented on the appointment.

“Blockchains are transforming financial markets and online transactions. Coinbase is at the frontier of these developments. I look forward to working with the team there as they build a new future in financial services.”

“George brings with him a wealth of experience in business, journalism and government," said Coinbase chief policy officer Faryar Shirzad.

"We look forward to relying on his insights and experiences as we grow Coinbase around the world.”

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