Coinbase Welcomes Milana McCullagh

In a major shake-up of its legal team, Coinbase Inc. has appointed Milana McCullagh, the former Senior Legal Director at Google, as its new deputy general counsel for product and commercial legal. After spending over 13 years at Google, she’s set to bring her wealth of experience to help Coinbase navigate the tumultuous waters of legal compliance for product launches.

The Quest for Legal Talent

McCullagh’s appointment isn’t just a standalone move; it’s part of a Twitter-worthy campaign by Coinbase to attract top legal talent, which began last year. Along with McCullagh, the company has recently filled its ranks with former high-profile attorneys including:

• Katherine Minarik, former general counsel at Dyson Ltd., now general deputy counsel for litigation.
• Carly Nuzbach Lowery, who shifted from Uber Technologies Inc. to become associate general counsel.
• Jade Clemons, the previous attorney at Fenwick, has taken on the role of commercial counsel.
• Janice Payne, formerly of CLS Group Holdings AG, has jumped on board as director of regulatory compliance.

IPO Speculations and Regulatory Readiness

Coinbase’s aggressive hiring spree likely serves a dual purpose: bolstering its legal defenses and calming potential investors as the company inches closer to a possible IPO. Earlier this year, Coinbase was seen holding discussions with various law firms and investment banks regarding their public offering plans. Subsequently, it coincides with a significant shift within the company’s internal culture, as they curb “political” and “societal” dialogues at work, resulting in over 60 employees opting for exit packages.

The Industry Trend of Legal Recruitment

Coinbase isn’t the only crypto company on the hunt for legal prowess. Recent trends indicate a broader movement across the cryptocurrency industry to attract elite legal talent:

• O(1) Labs Operating Corp. announced the hiring of Sang Joon Kim, a former in-house attorney at Goldman Sachs, as their general counsel.
• Gemini Trust Co. LLC brought in Andy Meehan, the ex-head of legal for Morgan Stanley’s global financial crimes division, as their chief compliance officer for Asia-Pacific.
• Venture capital firm Andreessen Horowitz recently added Anthony Albanese, the former chief regulatory officer at NYSE, to their team for regulatory guidance.

Legal Industry’s Acknowledgment of Crypto’s Rise

According to Erich Dylus, an aviation finance attorney who also moonlights with legal engineering DAO LexDAO, these hirings reflect the legal world’s growing recognition of cryptocurrency’s impact. “Some attorneys are discovering an exciting frontier in need of ‘meatspace’ legal guidance — it speaks to the maturing nature of the crypto and crypto-adjacent industries that big names are making the jump,” he noted.