On Friday, May 12th, the cryptocurrency exchange Coinbase announced the formation of its new Global Advisory Council. The council is intended to help work with regulators and other important stakeholders across the globe and help “update financial systems and rules that were designed over 100 years ago before computers even existed”.

Coinbace Announced the Formation of its Global Advisory Council

This Friday, Coinbase introduced its new Global Advisory Council. According to the blog post, the cryptocurrency exchange is looking to strengthen its ties with various important stakeholders across the globe.

To this end, Coinbase brought in numerous former US lawmakers including Former Congressmen Sean Patrick Maloney and Tim Ryan, as well as Former Senator Patrick Toomey. John Anzalone, founder of Impact Research Polling, and Chris Lehane—the Chief Strategy Officer at Haun Ventures.

According to the announcement, the new Council will work with the Coinbase Asset Management Academic and Regulatory Advisory Council. The latter also features a number of former US officials including the former SEC Chair Jay Clayton and the former CIA General Counsel Courtney Elwood.

Coinbase Seeking to Help Update Regulation to Better Fit the Digital Age

in the blog post, Coinbase stated that the Council is part of its work to work closely with stakeholders, regulators, and lawmakers across the world. The effort is, in turn, part of a broader effort to modernize a series of laws that predate the development of the electronic computer and are, to this day, used to govern the digital assets industry.

At Coinbase, we’re working to update financial systems and rules that were designed over 100 years ago before computers even existed. We chose to build in America because we want to be part of the solution and believe America would be best served by embracing the potential of crypto and blockchain technology. Our new Advisory Council will play a key role in helping us work with regulators to achieve that goal, but this is just the start. We plan to expand the board this year with a bipartisan group of leaders with deep regulatory expertise. We’re honored to have such distinguished leaders join our team and look forward to working together to shape the future of finance.

Coinbase recently found itself under significant pressure in the US after it received a Wells notice from the SEC alleging possible securities laws violations. In response, the cryptocurrency exchange increased its drive for global expansion as well as its drive for clearer regulation even suing the Commission in an effort to receive some belated answers from the watchdog.

This article originally appeared on The Tokenist