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A senior Goldman Sachs lobbyist has joined Coinbase as its new policy maker, strengthening its cryptocurrency exchange connections in Washington as U.S. regulators express concerns about lax rules in the crypto sector.
Faryar Shirzad will start at Coinbase next month after spending 15 years with Goldman as head of government issues.
“Faryar will liaise with lawmakers, regulators and other policy experts to achieve the full potential of the crypto to feed crypto into a fairer financial system, along with cryptocurrencies, job creation, GDP growth and innovation,” Coinbase said in a statement on Monday.
The position is a new role for Coinbase, the company said.
Shirzad’s hiring comes at a delicate time for Coinbase. Last month, the company ended its listing on the Nasdaq It was valued at about $ 75 billion at the stock market premiere, amid rising prices for bitcoin and other cryptocurrencies. At the time, the list was seen as an important moment for digital currencies and the validation of the industry.
However, Coinbase’s share price has fallen by about a third since then crypto prices fell The signs indicated that China was preparing to crack down on digital tokens, along with warnings from other regulators around the world about their dangers.
For example, the new chairman of the U.S. Securities and Exchange Commission, Gary Gensler, said earlier this month crypto market “may have greater investor protection”.
Coinbase said in its listing brochure that regulatory uncertainty about cryptocurrencies was a major risk factor.
“We are subject to extensive and highly evolving regulations and due to non-compliance with laws and regulations, any adverse changes or non-compliance with our brand, reputation, business results, operating results and financial condition may be detrimental,” he said.
Prior to joining Goldman Sachs, Shirzad served a number of roles in the George W Bush White House, including deputy national security adviser on international economic issues.
A Goldman spokesman declined to comment on Shirzad’s move.
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