Ex-FNMA General Counsel Joins Coinbase Team
The management of Coinbase, the major cryptocurrency exchange, appointed Brian Brooks as its Chief Legal Officer, who had previously served as the VP at the mortgage agency Fannie Mae (FNMA), Cryptovest reports.
The crypto exchange's representatives informed that Brooks will succeed Mike Lempres, who in turn will be in charge of managing the company's Government Affairs Program and heading the Coinbase Political Action Committee.
Brian Armstrong (CEO), Brian Brooks (Chief Legal Officer), and Asiff Hirji (President & COO)
The appointment to a post of the new CLO has been predetermined by the fact that, as of lately, the cryptocurrency market is experiencing more stringent regulatory requirements, whilst Coinbase intends to further augment its activities within the legal framework and comply with all the requirements outlined by the regulatory body.
On September 19, the New York Attorney General’s office made a statement that several cryptocurrency exchanges were suspected of a pervasive conflict of interests and insufficient supervision of the market. In particular, Coinbase was accused of trading crypto assets for its own funds, which equals 20% of all transfers made on the crypto exchange, the New York State Attorney General declared.
Lempres considers the accusations by the Prosecutor General's Office to be unfounded, explaining that transactions are carried out by private customers by use of the Coinbase Consumer and that the exchange owner doesn’t trade at all.
Earlier, Brooks held the posts of the General Counsel, executive VP, and headed the legal department at Fannie Mae. Prior to FNMA, Brooks was the Vice Chairman and head of the legal department at OneWest Bank in California.
According to Brian Armstrong, Coinbase CEO, Brooks can help to bolster their legal capabilities, "as we head into this next chapter for the company and the cryptocurrency industry as a whole."
As previously reported, Armstrong predicted the fast growth of the number of the crypto ecosystem participants up to one billion from the current 40 million.