Coinbase seeks new executive to debate with policymakers

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Coinbase is looking for a new hire to handle the exchange’s bitter relationship with policymakers.

The US-based crypto exchange aims to swell the ranks of its legal and compliance team. The company is looking for more than 350 new hires, with 24 vacancies in the Legal and Compliance team.

Specifically, Coinbase is looking for a new manager to oversee communications with U.S. decision makers. In addition to a strong network in Washington DC, Coinbase expects its new political communications executive in the United States, who would lead its media relations and strategic presence in critical political debates, to have “excellent political judgment. “.

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Better communication with policymakers could be an urgent requirement for Coinbase, which is said to be at odds with the United States Securities and Exchange Commission (SEC) over its canned lending program. CEO Brian Armstrong tweeted that the SEC was threatening to continue the exchange against Coinbase Lend.

Scheduled to offer a 4% annual return on USD Coin (USDC) stablecoin deposits, the SEC reportedly viewed the lending program as a security. Two weeks later, the company announced it was discontinuing the performance program.

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Related: SEC chairman compares stablecoins to casino poker chips

Armstrong then complained that other crypto companies in the market are currently providing similar lending services, saying:

“They refuse to tell us why they think it’s security, and instead assign us a bunch of files (we comply), demand testimony from our employees (we comply), then tell us that they will sue us if we launch, with no explanation as to why.