Coinbase (NASDAQ:COIN) has announced the addition of three new members to its board of directors, including an executive from OpenAI, the maker of ChatGPT. The move is part of the company's efforts to influence U.S. crypto policy, according to a statement given by Coinbase to Reuters on Thursday.
The new board members are Chris Lehane, an executive at OpenAI; Paul Clement, former U.S. Solicitor General under President George W. Bush; and Christa Davies, CFO of Aon and board member for Stripe and Workday. With these additions, the board will expand from seven to ten members.
Coinbase shares climbed over 2% in premarket trading Wednesday.
The U.S. crypto exchange is expanding its board as it seeks to bolster the cryptocurrency industry's political clout ahead of this year's presidential election. The sector's future may shift significantly if former President Donald Trump, the Republican nominee, wins the November election.
Clement will guide Coinbase in its efforts to "push back against the SEC's overreach and fight for clear rules of the road for digital assets, Coinbase said in a press release.
Lehane, a former policy chief for Airbnb and member of the Clinton White House, will offer strategic counsel. Davies will concentrate on ensuring "financial and operational excellence on a global scale."
Coinbase emphasized that the new board members represent diverse political perspectives.
"For crypto to succeed, it needs to be bipartisan," Lehane stated in an interview with Reuters.
Coinbase is set to report its earnings after the bell on Thursday, with FactSet estimates projecting a drop in overall revenue to $1.37 billion from $1.64 billion in the previous quarter.
Despite this quarter-over-quarter decline, the year-over-year comparison indicates a significant 94% increase in revenue. Earnings per share (EPS) are expected to be $0.94, down from $4.40 in the first quarter but an improvement from $0.46 a year ago.