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A senior lobbyist from Goldman Sachs has joined Coinbase as the new chief policy officer to strengthen the ties of cryptocurrency exchanges in Washington, as US regulators have expressed concerns about loose regulations in the cryptocurrency sector.
After 15 years as co-head of government affairs at Goldman, Faryar Shirzad will begin work at Coinbase next month.
Coinbase said in a statement on Monday: “As Chief Policy Officer, Faryar will work with legislators, regulators and other policy experts to realize the full potential of cryptocurrencies to promote a fairer financial system and create jobs. GDP growth and innovation.”
The company stated that the position is a new role for Coinbase.
Shirzad’s recruitment is a delicate moment for Coinbase. last month, The company completed its listing on NASDAQ With the soaring prices of Bitcoin and other cryptocurrencies, the company’s debut in the stock market made it valued at approximately $75 billion. At that time, the listing was seen as a milestone in digital currency and industry verification.
However, since then, Coinbase’s stock price has fallen by about a third. Cryptocurrency prices plummet There are signs that China is preparing to crack down on digital tokens, while warnings from other regulatory agencies around the world have continued to rise.
For example, Gary Gensler, the new chairman of the US Securities and Exchange Commission, stated earlier this month, The crypto market is “a market that can benefit from better investor protection”.
Coinbase stated in its prospectus that regulatory uncertainty surrounding cryptocurrencies is a big risk factor.
It said: “We are bound by a broad and highly developed regulatory environment. Any adverse changes to laws and regulations or non-compliance with any laws and regulations may adversely affect our brand, reputation, business, operating results and financial conditions.”
Prior to joining Goldman Sachs, Hilzad held various positions at the George W. Bush White House, including deputy national security adviser in charge of international economic affairs.
A Goldman Sachs spokesperson declined to comment on Hilzad’s move.
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