Coinbase is looking for a new hire to manage the exchange’s sour relationship with policymakers.
The United States-based crypto exchange aims to swell its legal and compliance team ranks. The company is looking for more than 350 new hires, with 24 job openings within the legal and compliance team.
More specifically, Coinbase is seeking a new manager to oversee communications with U.S. policymakers. Along with a strong network in Washington D.C, Coinbase expects its new U.S. policy communications manager, who would lead its media relations and strategic presence in critical policy debates, to have “excellent political judgment.”
Better communication with policymakers might be an urgent requirement for Coinbase, which is reportedly at odds with the United States Securities and Exchange Commission (SEC) over its canned lending program. CEO Brian Armstrong tweeted that the SEC threatened to sue the exchange over Coinbase Lend.
Planned to offer 4% annual yield returns on deposits of the USD Coin (USDC) stablecoin, the Lend program was reportedly deemed a security by the SEC. Two weeks later, the company announced the abandonment of the yield program.
Armstrong then complained that other crypto firms on the market currently provide similar lending services, stating:
“They refuse to tell us why they think it’s a security, and instead subpoena a bunch of records from us (we comply), demand testimony from our employees (we comply), and then tell us they will be suing us if we proceed to launch, with zero explanation as to why.”