Joe Biden’s appointment as OECD ambassador may leave Coinbase’s advisory board: Report

Former US House of Representatives member Sean Patrick Maloney is reportedly planning to quit working on crypto-related issues if he is confirmed as a representative of the Organization for Economic Co-operation and Development (OECD).

According to a Feb. 14 Politico report, Maloney sent a letter to Massachusetts Senator Elizabeth Warren on Feb. 9 to resign from a private sector consulting job and, if confirmed, recuse himself from decisions affecting crypto policy at the OECD. US President Joe Biden has announced that Maloney has been selected to be the OECD ambassador in May 2023.

Maloney, who previously represented New York's 18th congressional district in the House, joined Coinbase's Global Advisory Council at the time of President Biden's announcement. In December 2023, he called out crypto advocacy groups such as the Coinbase Council for the policy of onboarding former government officials, including Senator Warren Maloney.

Crypto companies are spending millions building an army of former defense and law enforcement officials to oppose new laws that would crack down on crypto-financed terrorism. This revolving door boosts the crypto industry, but threatens our national security. https://t.co/OGnrL0VKdH

— Elizabeth Warren (@SenWarren) December 19, 2023

According to Politico, the former New York representative “volunteered to strict ethical standards” after his time at the OECD, pledging not to accept employment or board offers from crypto companies for four years. Maloney's nomination has been on the U.S. Senate calendar since Jan. 24, suggesting a vote soon.

Related: Coinbase Completes Global Advisory Council With 4 National Security Experts

Cointelegraph reached out to Coinbase and Senator Warren for comment but did not receive a response by the time of publication. Coinbase faces enforcement action by the US Securities and Exchange Commission in June 2023.

Senator Warren has been one of the leading voices in front of the bill to address the illegal use of digital assets, particularly for money laundering and the financing of terrorist groups. Many crypto advocacy groups have criticized the Digital Asset Anti-Money Laundering Act as overly broad in its enforcement authority and could drive crypto firms out of the United States.

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