© Provided by City AM Former US Senator Max Baucus has been handed a brief by cryptocurrency exchange Binance to provide high-level guidance on efforts to build relations with US authorities and regulators.
The 79-year-old Democrat - who recently served as the US Ambassador to China - is also Montana's longest-serving senator after being in office from 1978 before being appointed to the Beijing role in 2014.
As the former Chairman of the US Senate Committee on Finance, Baucus brings a wealth of political and regulatory expertise to the world's largest cryptocurrency exchange. During his time as the chairman, Baucus was instrumental in leading legislation discussions for US health care reform.
He also served as chairman of the Joint Committee on Taxation and Subcommittee on Transportation and Infrastructure. Baucus was also a member of the Senate Committee on Environment and Public Works among many other initiatives.
Baucus's role will be focused on providing guidance and policy advice covering some of the world's most important financial jurisdictions and agencies. He will also play a key role consulting and liaising with US regulators and authorities on decisive policies that affect the larger global industry as well as developments for Binance and the broader cryptocurrency ecosystem.
Potent forces
"Cryptocurrencies and blockchain technology represent some of the most potent forces for change in the global financial systems, potentially driving a revolution in how money is managed leading to a fairer and more equitable financial world," said Mr Baucus at the announcement of his role today.
"Binance is one of the largest organisations involved in bringing these to the mainstream and it's a privilege to assist in appropriately navigating the complex political and regulatory frameworks that hold the key to enabling wider adoption."
Binance CEO Changpeng Zhao (CZ), said bringing Baucus on board furthered Binance's intentions to develop compliance and regulation.
"We're excited to welcome Max to our team," he said.
"His experience at the highest levels of government and intimate understanding of global regulation brings exceptional value to Binance and enhances our already strong compliance and policy team."
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