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As the SEC threatened to sue, Coinbase, the largest publicly listed crypto exchange has decided to abide by the regulatory framework and collaborate with the authorities in sketching out a âsensible regulationâ for the crypto industry in the US. Coinbaseâs website has posted over 350 job openings, including legal and compliance job profiles to restore its relations with the regulators.
In a recent interview with TechCrunch the exchangeâs CEO, Brian Armstrong folded and announced that âCoinbase wants to be an advisor and a helpful advocate for how the U.S. can create that sensible regulationâŠIn fact, thereâs a proposal that weâre putting out at the end of this month, or maybe early next month, that is our proposed regulatory framework.â
Soon after the CEO stated Coinbaseâs intentions of being the regulatorâs advocate, the exchange updated its website with job profiles such as Legal and compliance team, âhead of APAC complianceâ in Singapore, âhead of international complianceâ in London, and âglobal anti-bribery and corruption managersâ in the UK and US. Furthermore, the job descriptions specified political proficiency as a necessary skill. For example, a role based out of Washington, DC categorically asked for âexcellent political judgmentâ and experience in managing high-profile political and media crises.
Coinbase could be the next Binance
Coinbase CEO Brian Armstrong lashed out at the SEC for threatening the exchange of the lawsuit and accused the commission of âsketchy behaviorâ. However, last Friday, September 17, Coinbase raised the white flag against SEC and released an update stating that it will roll back its plans to launch the USDC APY program. Coinbase could potentially be heading towards the Binanceâs direction, i.e., it may be seen going against the ethics of the decentralized sphere to avoid regulatorsâ wrath.
âAs we continue our work to seek regulatory clarity for the crypto industry as a whole, weâve made the difficult decision not to launch the USDC APY program announced below. We have also discontinued the waitlist for this program as we turn our work to what comes next.â, stated the exchange.
The post Just-in: Coinbase to expand legal and compliance team Amid regulatory crackdown appeared first on Coingape.
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