Apart from Clement, Coinbase has welcomed Christa Davies, the outgoing financial chief at Aon, and Chris Lehane, a former Democratic consultant-turned-businessman, to its board.
In order to gain a stronghold on the regulatory front, Coinbase is now pulling experts from the legal space to its board of Directors. On Thursday, July 25, Paul Clement, the former solicitor general who worked under the Bush administration, joined the Coinbase board.
Clement is one of the most formidable legal minds in the industry fighting more than 100 cases over his career span of over three decades. His latest victory involves overturning the 1984 Chevron doctrine, a move that would greatly curtail the regulatory powers of federal agencies.
As we know, crypto exchange Coinbase is currently fighting three separate battles with the US Securities and Exchange Commission (SEC). Paul will join Coinbase’s Audit and Compliance Committee and will advise the exchange to push back against the SEC’s overreach to fight for regulatory clarity in the crypto space. Speaking on the development, Clement said:
“Crypto holds the promise of economic freedom and poses cutting edge legal and regulatory questions. Coinbase is the gold standard in the industry and I am delighted to be joining its board.”
Moreover, Clement has recently written an amicus brief on behalf of the Custodia Bank which is fighting against the decision of a Wyoming District court which said that the Fed has every right to deny master accounts to Custodia Bank.
In his brief, Clement also argued that allowing the Fed unrestricted authority to deny state-chartered banks equal access to master accounts raises “serious constitutional questions” regarding the internal structure of the central bank, where Fed Presidents, independent of the government, make official decisions.
“Paul is one of the most highly respected members of the US Supreme Court bar, and he currently has multiple legal ‘cruise missiles’ aimed squarely at federal regulators who have ignored the law in trying to kill the law-abiding US crypto industry,” Custodia Bank CEO Caitlin Long told FOX Business.
Two More Members Join Coinbase Board
Apart from Clement, Coinbase has welcomed Christa Davies, the outgoing financial chief at Aon, and Chris Lehane, a former Democratic consultant-turned-businessman, to its board.
Christa Davies is an experienced financial leader known for delivering disciplined financial and operational performance for large global organizations.
Similarly, Chris Lehane is recognized for his expertise in navigating political landscapes, achieving significant victories for the Clinton-Gore administration, and securing Airbnb’s legality in all 50 states and internationally.
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