Chris Lehane, a leading Democratic strategist and former member of the Bill Clinton White House, is set to join the board of directors at leading cryptocurrency exchange Coinbase Global Inc. COIN.
What Happened: Coinbase, which is the largest digital asset trading platform in the U.S., announced Thursday that Lehane, who is recognized for his significant role in technology and politics, will be joining the board.
For the curious, Lahane was a a former policy chief for Airbnb Inc. ABNB and went on to join ChatGPT-maker OpenAI as a senior executive.
His association with the cryptocurrency space is not new as he was also part of Coinbase's Global Advisory Council, floated to help the company “navigate the complex and evolving landscape of the industry.”
Along with Nahane, Paul Clement, former U.S. solicitor general, and Christa Davies, chief financial officer for Aon PLC. AON also joined the board. Coinbase stated, “They each have different political philosophies and career paths but all have arrived at the same conclusion: cryptocurrency is a powerful tool to update the system.”
See Also: Could A Bitcoin Treasury Fix The US National Debt? One Trader Details How ‘Bitcoin Fixes This’
Why It Matters: Lehane’s appointment comes at a time when the political landscape in the U.S. has been shifting in favor of cryptocurrencies. Investment bank Citi upgraded shares of Coinbase from neutral to buy, anticipating an improved regulatory landscape for cryptocurrency assets.
Experts believe the Democratic Party has a significant opportunity to win back a large portion of the cryptocurrency vote in the upcoming elections with the withdrawal of President Joe Biden from the presidential race.
Anthony Scaramucci, a former Donald Trump aide, voiced his support for presumptive Democratic presidential nominee Kamala Harris, expressing anticipation for her future policies on cryptocurrency.
Price Action: Shares of Coinbase are up 1.81% in after-hours trading, after closing 5.53% lower during Thursday’s regular trading session, according to data from Benzinga Pro.
Photo by rafapress on Shutterstock
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