Coinbase recruits Trump campaign manager and former senator for advisory council
On Wednesday, the cryptocurrency exchange Coinbase COIN.O introduced four notable figures to its global advisory council, including ex-U.S. Senator Kyrsten Sinema and Chris LaCivita, who served as co-campaign manager for President Donald Trump’s re-election effort.
Establishing a growth strategy for the crypto industry has been a key goal of the Trump administration, particularly after years of what many in the industry deem excessive regulatory actions.
“This indicates that Coinbase is seeking to hold sway over policy debates by collaborating with individuals who have strong connections to both the Trump administration and established financial institutions,” stated Michael Ashley Schulman, partner and CIO at Running Point Capital Advisors.
The cryptocurrency sector contributed millions to back Trump’s bid for a second term, with hopes of a more favorable regulatory environment driving Bitcoin to new heights in 2024, exceeding $100,000 for the first time.
Joining Coinbase’s advisory council are also Bill Dudley, the ex-president of the Federal Reserve Bank of New York, and Luis Alberto Moreno, an expert in international finance and global development.
“Cryptocurrency is now a significant focus for corporations, banks, and institutions, becoming an integral part of our financial systems,” analysts from Bernstein noted, predicting Bitcoin could reach $200,000.
Earlier this month, new leaders at the U.S. Securities and Exchange Commission established a task force to create a regulatory framework for crypto assets.
Furthermore, Trump appointed former PayPal PYPL.O executive David Sacks as his “White House A.I. & Crypto Czar,” indicating an anticipated shift in U.S. policy regarding digital currencies.
Support from major Wall Street firms and influencers like Elon Musk, along with the approval of U.S. crypto exchange-traded funds, have increased the sector’s popularity.
Analysts at Mizuho suggested that Coinbase shares could see gains alongside the expected rise in Bitcoin in the medium term, noting, “A rising tide lifts all boats.”
Reporting by Manya Saini in Bengaluru; Editing by Arun Koyyur
