U.S. cryptocurrency exchange Coinbase has appointed three new members to its board of directors, including an executive from OpenAI, as part of its effort to influence U.S. crypto policy.
The new board members are Chris Lehane, an executive at OpenAI; Paul Clement, former U.S. Solicitor General under President George W. Bush; and Christa Davies, Chief Financial Officer for Aon and a board member for Stripe and Workday. These additions will expand the board from seven to ten members.
Coinbase’s decision to expand its board comes as the company and the broader cryptocurrency industry aim to become a significant political force in this year’s presidential election. The industry’s future could be impacted if Republican nominee and former President Donald Trump regains the White House in November.
Clement will advise Coinbase on its efforts to counter the SEC’s (U.S. Securities and Exchange Commission’s) overreach and advocate for clear regulations for digital assets. Lehane, a former policy chief for Airbnb and a member of the Clinton White House, will provide strategic counsel. Davies will focus on enhancing Coinbase’s financial and operational excellence globally.
Coinbase noted that the new members have diverse political views. “For crypto to succeed, it needs to be bipartisan,”.
Coinbase-backed Stand With Crypto, an advocacy organization for crypto owners, has amassed 1.3 million members. Additionally, three major pro-crypto super political action committees – Fairshake, Defend American Jobs, and Protect Progress – have collectively raised over $230 million to support favorable candidates.
