Crypto exchange Coinbase adds ex-Senator Kyrsten Sinema, Trump campaign manager Chris LaCivita to advisory council

Drafting a framework for the growth of the crypto sector has been a top priority for the Trump administration after years of enforcement actions

Coinbase Adds Ex-Senator Sinema, Trump Campaign Manager to Advisory Council

Coinbase Global Inc (COIN.O) on Wednesday said it has added four high-profile members to its global advisory council, including former U.S. Senator Kyrsten Sinema and Chris LaCivita, co-campaign manager for President Donald Trump’s re-election.

The move comes as the Trump administration has made drafting a framework for the growth of the crypto sector a top priority following years of enforcement actions that the industry has criticized as regulatory overreach.

“This move suggests Coinbase is positioning to have direct influence on policy discussions by aligning with individuals who have deep ties to both the Trump camp and traditional financial institutions,” said Michael Ashley Schulman, partner and CIO at Running Point Capital Advisors.

The crypto industry donated millions of dollars to support Trump's return to the White House. Expectations of a more favorable regulatory setup powered bitcoin (BTCUSD) to record highs in 2024, crossing $100,000 for the first time.

Coinbase also said on Wednesday that Bill Dudley, former president of the Federal Reserve Bank of New York, and Luis Alberto Moreno, a global development and international finance expert, have joined its advisory council.

“Crypto is now firmly on the radar of corporates, banks and institutions, weaving itself into the very fabric of our financial systems,” analysts at Bernstein said, adding that bitcoin is still on its way to hit $200,000.

Earlier this month, the U.S. Securities and Exchange Commission's new leadership said it will create a task force to develop a regulatory framework for crypto assets.

Trump has also named former PayPal (PYPL.O) executive David Sacks as his “White House A.I. & Crypto Czar.” The administration is set to reshape U.S. policy on digital currency.

Support from Wall Street institutions and corporate titans like Elon Musk, as well as the approval of U.S. exchange-traded crypto funds, have boosted the mainstream appeal of the sector.

Coinbase shares are set to benefit from a further upside in bitcoin over the medium term, analysts at Mizuho said in a note. “Rising tide lifts all moats,” it said.