Coinbase Taps Former Fannie Mae Counsel to Be New Chief Legal Officer

Cryptocurrency exchange Coinbase has tapped former Fannie Mae General Counsel Brian Brooks to be their new Chief Legal Officer responsible for legal, compliance, and government affairs.

Before coming over to Coinbase, Brooks functioned as Executive Vice President, General Counsel and Corporate Secretary of the U.S. Federal National Mortgage Association (FNMA), more known as Fannie Mae. The association buys qualifying mortgages from lenders, which it then bundles in bonds and sells to investors. In 2017, reports had Fannie Mae providing $570 billion in mortgage financing.

Brooks was also involved in managing OneWest Bank, N.A.’s senior regulatory relationships, while also functioning as a senior advisor to the bank’s CEO. Before joining OneWest, Brooks held managerial positions at O’Melveny & Myers LLP and Financial Services Practice Group.

Mike Lempres, who has previously led Coinbase’s legal function, would now lead the firm’s government affairs program, such as the exchange’s involvement in the recently established Blockchain Association, aside from managing the Coinbase political action committee (PAC).

The Washington-based Blockchain Association was established by a group of American blockchain and crypto firms earlier this month, with Coinbase as a founding member. The association has touted itself to be the first lobbying group representing the blockchain industry in Washington D.C.

Coinbase created its own PAC in July 2018. In the U.S., PACs are political organizations that lets individuals with identical policy goals and ideologies to pool campaign contributions and donate them to political campaigns for or against candidates, legislation, or ballot initiatives.

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Posted from my blog with SteemPress : http://www.cryptalnews.com/coinbase-chief-legal-officer/

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