What Happened: Crypto exchange Coinbase Global Inc (NASDAQ: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 (NYSE: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.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!