Coinbase adds Trump’s campaign manager and ex-NY Fed Chief to the advisory council

Crypto exchange Coinbase Global has called on Trump’s campaign manager, Chris LaCivita, and former Federal Reserve Bank of New York President William Dudley to join its advisory council.

Former US Senator Kyrsten Sinema of Arizona and Allen & Co. Managing Director Luis Alberto Moreno will also join the two in guiding Coinbase.

Coinbase adds Dudley to its list of advisors, a key supporter of blockchain technology and tokenization

William Dudley, a Bloomberg Opinion columnist and former New York Fed chief, will join Coinbase’s list of advisors.

Dudley has said before that he believes the actual value in the crypto industry lies in blockchain technology and the ability to transfer and tokenize assets rather than popular cryptocurrencies like Bitcoin. So, it’s very likely that he will guide Coinbase in working more with blockchain tech and expanding tokenization. 

He added that crypto’s potential lies in surpassing the troublesome traditional banking system, saying:

Much of the opportunity lies in overhauling the cumbersome traditional banking system[…]It’s pretty clear the rails in the traditional system aren’t working properly.

– William Dudley

Meanwhile, Coinbase has been doubling down on payments and tokenized assets. In November 2024, Coinbase acquired Utopia Labs, an on-chain payment startup, and integrated it with Base, its L2 scaling network. The platform also started charging for premium features in Coinbase Wallet, like subscription-based tools.

Additionally, the former NY Federal Reserve chief wants banks to provide banking services to crypto institutions and make it easier for them to borrow and lend to each other. He further remarked that he wants a “level playing field” before they can dominate the finance space.

However, some banks have denied several crypto companies access to their services due to the risks attached to virtual assets. 

LaCivita says the crypto industry suffered under Biden

Chris LaCivita, the current chief of staff of the Republican National Committee and one of the new Coinbase advisors, made it clear that he disapproved of Biden’s administration’s oversight over the crypto space. He claimed that the space “ deserved better” than the treatment it received during Biden’s tenure.

Nonetheless, Donald Trump’s pro-crypto stance has pleased many in the crypto industry, with some holding high expectations for crypto market performance in the next four years. 

Trump has already issued an executive order directing a working group to develop a proper framework for cryptocurrencies and even consider a national stockpile, with key crypto players supporting his decision. Dudley, however, pushed back against the stockpile. He believes a Bitcoin reserve for a nation where the people or the government don’t have BTC holdings would be nothing good.

Nevertheless, Dudley, LaCivita, Sinema, and Moreno will now join former US Senator Patrick Toomey, former Congressman Tim Ryan, and former Secretary of Defense Mark Esper in advising Coinbase. However, not much has been revealed about their compensation. 

Besides, the council has no voting power and will only be required to give recommendations.