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A senior lobby of Goldman Sachs has joined Coinbase as the new chief policy officer, bolstering cryptocurrency exchange connections in Washington as U.S. regulators express concerns about lax rules in the cryptocurrency sector.
Faryar Shirzad will start at Coinbase next month after 15 years with Goldman, where he was co-head of government affairs.
“As Director General of Policies, Faryar will work with legislators, regulators and other policy experts to harness the full potential of cryptocurrencies to fuel a more equitable financial system along with job creation, GDP growth and innovation, ”Coinbase said 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 completed its listing on the Nasdaq in a stock market debut that valued it at about $ 75 billion, amid rising prices for bitcoin and other cryptocurrencies. At the time, the listing was seen as a benchmark for digital currencies and validation for the industry.
However, the price of Coinbase shares has fallen by about a third since then cryptographic prices fell in signals that China was preparing a crackdown on digital chips, along with a steady battery of warnings from other regulators around the world about their risks.
For example, the new chairman of the U.S. Securities and Exchange Commission, Gary Gensler, said earlier this month the crypto market is “one that could benefit from greater investor protection”.
Coinbase said in its brochure that regulatory uncertainty around cryptocurrencies was a major risk factor.
“We are subject to an extensive and highly evolving regulatory landscape and any adverse changes or breaches of any laws and regulations could adversely affect our brand, reputation, business, operating results and financial condition,” he said.
Prior to joining Goldman Sachs, Shirzad held various roles in George W. Bush’s White House, including the deputy national security adviser for international economic affairs.
Goldman declined to comment on Shirzad’s play.
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