- Coinbase appoints former UK chancellor to its advisory board.
- The crypto exchange intends to broaden its global footprint.
- Coinbase’s appointment of George Osbourne has been severely criticized.
Crypto exchange Coinbase has grand plans to expand beyond US borders, including tapping opportunities in the European derivatives markets. The company sees the hiring of politically connected individuals as key to expanding its global footprint, prompting the recent appointment of former UK chancellor George Osbourne to a key advisory role.
Yet, aside from Osbourne’s ability to turn Coinbase into a globally dominant force, his legacy overseeing UK austerity during his time as chancellor, between 2010 and 2016, has evoked a backlash from critics.
Osbourne’s Coinbase Appointment Stokes Backlash
Osbourne’s appointment as a Coinbase advisor was discussed on a Reddit post, which covered points that included cronyism, links between the private sector and government, and Osbourne’s legacy of deep cuts to public spending, which were widely condemned as heartless due to the impact it had on the most vulnerable members of society.
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The top comment in the Reddit post focused on Osbourne’s legacy, attacking the former chancellor for contributing to the UK’s economic decline. Another Redditor echoed this sentiment by referring to the “draconian policies” enacted under Osbourne and the reputation this earned him.
“Not a good thing, this cretin did nothing but damage the UK through draconian policies and 'austerity' to harm the most vulnerable. He's truly one of the biggest douchebags to ever work in UK politics,” commented one Reddit user on Osbourne’s Coinbase appointment.
However, one Redditor considered Osbourne’s appointment essential to exploiting regulatory loopholes and gaining advantages over competitors, adding that the hiring of former politicians by hedge funds is standard practice.
Asset to the Team
In a statement on Osbourne’s appointment, Coinbase stated that it intends to leverage the former chancellor’s experiential insights as the crypto exchange expands globally.
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Commenting on his new role, Osbourne expressed enthusiasm about innovations in finance technology, adding that “blockchains are transforming financial markets and online transactions.”
Since leaving politics, Osborne has taken on numerous private sector roles and advisory positions, including partner at “boutique City advisory firm” Robey Warshaw and co-founding VC firm 9Yards, which was an early investor in Internet Computer (ICP) parent company Dfinity, raising $97 million in 2018.
On the Flipside
- The crypto industry has frequently brought on former regulators and policymakers to help legitimize itself and navigate complex policy issues.
- The ruling Conservative party, under which Osbourne served, has been in power since May 2010.
- Bookies currently give 2/17 odds for the Labour Party to win the next general election, highlighting a potential humiliation at the polls for the Conservatives.
Why This Matters
Coinbase’s hiring of a divisive political figure demonstrates the company’s willingness to court controversy to advance its policy goals. This unlikely pairing highlights the crypto industry’s excessive coziness with establishment elites, which starkly contrasts the decentralization narrative that the industry tries so hard to promote.
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