The rapid expansion of the $2 trillion cryptocurrency industry is attracting prominent legal experts.
Paul Clement, former Solicitor General under the Bush administration and a seasoned Supreme Court litigator, is joining the board of directors at Coinbase, the largest cryptocurrency exchange in the U.S., according to FOX Business.
Clement, known for his extensive experience and influence in legal circles, has argued over 100 cases before the Supreme Court. His recent high-profile achievement includes his role in challenging the Chevron doctrine, a legal precedent that limited the regulatory powers of federal agencies.
Coinbase is currently engaged in several legal disputes with the Securities and Exchange Commission (SEC), and Clement’s appointment underscores the exchange’s commitment to bolstering its legal strategy.
“Coinbase is recognized for attracting top talent across the board, and Paul Clement is a prime example,” said former Pennsylvania Senator Pat Toomey, who serves on Coinbase’s global advisory board. “Adding such a distinguished legal mind to their board demonstrates Coinbase’s dedication to advocating for clear regulatory guidelines for the crypto industry.”
Coinbase’s legal team also includes Eugene Scalia, former Labor Secretary and son of the late Supreme Court Justice Antonin Scalia.
In his new role, Clement will advise Coinbase on efforts to achieve regulatory clarity in the crypto sector, which is facing increased scrutiny from the SEC and restrictions from the Federal Reserve and other banking regulators.
Clement recently filed an amicus brief for Custodia Bank, which is appealing a decision by a Wyoming district court that upheld the Federal Reserve’s denial of a master account application. Clement’s brief argues that granting the Fed broad authority to deny access to state-chartered banks raises significant constitutional concerns about the Fed’s internal decision-making process.
“Paul Clement is highly respected within the legal community, and his current work addresses the overreach of federal regulators targeting the compliant U.S. crypto industry,” said Caitlin Long, CEO of Custodia Bank.
Alongside Clement, Coinbase will also add Chris Lehane, a former Democratic consultant turned businessman, and Christa Davies, the outgoing CFO of Aon, to its board, expanding its membership from seven to ten.
