Former Los Angeles Mayor Antonio Villaraigosa is stepping into the world of cryptocurrency, albeit without any personal investments in digital assets for now. The Democrat, who served as mayor from 2005 to 2013, has taken on a paid role as an adviser to the global advisory council of the trading platform Coinbase.
While Villaraigosa emphasizes that he won’t be engaged in lobbying activities on behalf of Coinbase, he is set to provide guidance to the company on establishing a comprehensive regulatory framework that ensures fairness and robustness for American crypto customers.
His focus will extend to advocating for greater financial equity, particularly for Black and Latino customers, who represent a significant portion of American crypto investors. According to Coinbase, approximately 41% of crypto investors in the United States are from these demographic groups.
“Crypto users participate in our democracy like anyone else,” Villaraigosa remarked, underlining the importance of regulatory safeguards for all participants in the cryptocurrency market.
Villaraigosa’s appointment comes amid a broader campaign by Coinbase to enhance its public image and engage in advocacy efforts, given the industry’s ongoing conflicts with federal regulators, including the Securities and Exchange Commission.
Recent criminal investigations have also cast a shadow over prominent figures in the crypto world, such as former FTX Chief Executive Sam Bankman-Fried and former Binance Chief Executive Changpeng “CZ” Zhao, who faced legal consequences for their involvement in the industry.
Coinbase, along with other industry players, contends that the United States should adopt a more favorable stance towards cryptocurrency and establish clear regulations to enable American companies to compete effectively with exchanges in jurisdictions with less stringent rules.
Following his tenure at Los Angeles City Hall, Villaraigosa ventured into academia, teaching at the USC Sol Price School of Public Policy, and worked as a partner at the consulting firm Actum. Despite a bid for governor in 2018, Villaraigosa’s political aspirations shifted towards advisory roles, including his appointment by Governor Gavin Newsom to advise on infrastructure matters in 2022.
Additionally, Villaraigosa has lent his expertise to various organizations, including Banc of California, Herbalife, and the AltaMed chain of health clinics.
As Villaraigosa embarks on his new role at Coinbase, his insights and experiences are poised to shape the future landscape of cryptocurrency regulation and inclusivity in the United States.
