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Coinbase seeks new director to debate with policymakers

Coinbase seeks new director to debate with policymakers

Popular US cryptocurrency exchange Coinbase is looking for a new employee to manage the exchange’s sour relationship with policymakers.

Coinbase is going to increase its team

With this, the crypto exchange aims to increase the company’s legal and compliance team. The company is looking for more than 350 new employees. In addition, it has 24 vacancies within the legal and compliance team.

Coinbase seeks a new manager to oversee communications with US policymakers. Along with a strong network in Washington DC, Coinbase expects its new US policy communications manager to have excellent political judgment.

4% annual return

Better communication with policymakers could be an urgent requirement for Coinbase. Coinbase is at odds with the United States Securities and Exchange Commission (SEC) over its lending program. CEO Brian Armstrong tweeted that the SEC threatened to sue the exchange.

Planned to provide 4% annual returns on USD Coin stablecoin deposits, the SEC viewed the lending program as a security. Two weeks later, the company announced the discontinuation of the program. Armstrong then complained that other crypto firms in the market are currently offering similar lending services:

“They refuse to tell us why they think it is a security. And instead they subpoena a bunch of data from us, demand testimony from our employees, and then tell us they’ll sue us if we go ahead with the launch, with no explanation as to why.”

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