Coinbase recruits former White House Advisor as new Head of Policy

US-based crypto exchange Coinbase welcomes former White House Deputy National Security Advisor Faryar Shirzad as the new head of policy, it announced in a blog post earlier this week.

Excited to announce that I will be joining @Coinbase as Chief Policy Officer. https://t.co/2HpPQajB8A

— Faryar Shirzad (@faryarshirzad) May 24, 2021

Shirzad joins Coinbase after a 15-year tenure as co-head of the office of government affairs at Goldman Sachs, as the new Chief Policy Officer.

Welcome to Coinbase, Faryar! 

Coinbase, one of the biggest crypto exchanges in the industry, provides services in more than 100 countries, which makes them highly motivated to build relationships with policy makers and work with governments around the world.

The exchange has historically adhered to local laws and operations in line with financial regulations levied in whichever jurisdiction it is located in. It is very selective in its coin-listing policy, and has previously hired leading lawyers, policy-makers, and bankers to maintain its image as a ‘compliant’ crypto exchange.

As the policy issues surrounding crypto continue to evolve, I couldn’t be happier to welcome @faryarshirzad to Team @coinbase. Let’s go! https://t.co/Lk3061RPPE

— Paul Grewal (@iampaulgrewal) May 24, 2021

“At Coinbase, we see collaboration with policymakers around the world as necessary to unlock the full potential of the cryptoeconomy, but also as a competitive advantage for our business,” said the exchange in their blog post.

Last week, as the crypto market experienced its largest single-day sell-off since March 2020, Coinbase shares plunged to $217. After a few days of negative sentiment, following the crypto market recovery, Coinbase traded higher on Monday, reaching a high of $230.

Banking on his experience

Shirzad held several government positions during his career. He served as Assistant Secretary for Import Administration at the US Department of Commerce and as International Trade Counsel to the US Senate Committee on Finance. 

The exchange is welcoming his invaluable experience and counting on it to help them navigate the global regulatory conditions, “as the policy issues surrounding crypto continue to evolve.”

As the new head of policy, he is expected to help the adoption of crypto on the home front as well as abroad.

According to Coinbase, millions of their customers are US based and Shirzad is supposed to facilitate the US embracement of crypto by providing more regulatory clarity to the industry.

“As Chief Policy Officer, Faryar will engage with lawmakers, regulators and other policy experts to realize crypto’s full potential to fuel a more equitable financial system along with job creation, GDP growth, and innovation,” the exchange said in a blog post.

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