Coinbase hires ex-Goldman exec to lead regulatory issues

Coinbase Global Inc (NASDAQ: COIN), operator of a cryptocurrency exchange platform, in a blog post earlier today announced that Faryar Shirzad will join the company as the Chief Policy Officer.

In his most recent role, Shirzad served as the Global Co-Head of the Office of Government Affairs at Goldman Sachs. He is also a former White House Deputy National Security Advisor.

Expanding on the role of Shirzad at Coinbase, the company’s post said:

Coinbase went public last month via a direct listing with a nearly $90 billion valuation at the time of its public debut. The shares have slumped 40% since then in line with the downtrend in Bitcoin prices and the company trades at a current valuation of around $47 billion. 

Cryptocurrencies are facing heightened regulatory scrutiny around the world. 

Bitcoin prices are down 40% from the year high amid pressure from Chinese regulators. China recently unveiled plans to retrain cryptocurrency trading and mining in China leading to increased volatility in crypto assets.

And earlier this month, U.S. Federal Reserve Chairman Jerome Powell said that cryptocurrencies pose risks to financial stability, indicating that greater regulation of the increasingly popular electronic currency may be warranted.