Former White House Advisor Joins Coinbase As Chief Policy Officer

What Happened: Crypto exchange Coinbase Global Inc COIN has recruited former White House Deputy National Security Advisor Faryar Shirzad to serve as the exchange’s new head of policy.

Shirzad joins Coinbase after leaving a 15-year tenure as global co-head of the office of government affairs at Goldman Sachs Group Inc GS, where he managed the firm’s government relations and public policy strategy.

In the past, Shirzad has assumed a number of important positions, including the International Trade Counsel to the US Senate Committee on Finance and as the U.S. G-8 Sherpa.

Why It Matters: Coinbase describes Shirzad’s new role as Chief Policy Officer as one that would entail engaging with lawmakers, regulators, and other policy experts to “realize crypto’s full potential to fuel a more equitable financial system” along with job creation, GDP growth, and innovation.

See also: Why Goldman Sachs Considers Coinbase A Good Way To Enter The Cryptocurrency Eco-System

“Coinbase has never shied away from regulation. In fact, we’ve leaned into it over the past 9 years, allowing us to become a trusted platform bringing consumers and institutions alike into the cryptoeconomy,(sic)” said the exchange in a blog post.

Price Action: Coinbase shares fell to a low of $217 last week as the crypto market witnessed its largest single-day selloff since March 2020. After a few days of negative sentiment and a downtrend in price, it seemed to recover as some cryptocurrencies gained 40% overnight.

In line with the crypto market recovery, Coinbase traded higher on Monday, touching a high of $230 before closing at $225.