The crypto exchange from the U.S. is looking for more than 350 new hires, with 24 job openings within the legal and compliance team. Coinbase wants to swell its legal as well as compliance team ranks.
More concretely, it is looking for a new manager to oversee communications with U.S. policymakers. An ideal candidate should have a strong network in Washington D.C. The major cryptocurrency exchange expects its new U.S. policy communications manager, who would lead its media relations and strategic presence in critical policy debates, to have “excellent political judgment”.
Better communication with regulators might be an urgent requirement for the crypto exchange. It is reportedly at odds with the U.S. Securities and Exchange Commission (SEC) over its canned lending program. The crypto exchange’s CEO Brian Armstrong tweeted on September 8 that the SEC threatened to sue the exchange over Coinbase Lend.
He explained that Coinbase approached the Securities and Exchange Commission earlier this year to brief the SEC over the Coinbase Lend program. The goal of that program was to offer 4% annual yield returns on deposits of the USD Coin stablecoin.
According to Armstrong, the regulator responded by telling the company that the lending program is a security. The SEC went even further, threatening to sue if the service was launched. The commission refused to tell the crypto exchange why they think it is security. The crypto exchange’s CEO pointed out that there are other crypto firms that provide similar lending services to their customers. Armstrong called for the Securities and Exchange Commission to provide regulatory clarity on the topic.
The U.S.-based crypto exchange announced the abandonment of the yield program in less than a month after Armstrong’s tweets.
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