- Coinbase CEO Brian Armstrong to meet with House Democrats for a closed-door session.
- The meeting will focus on digital-asset legislation.
- The discussion comes as Coinbase faces a lawsuit by the Securities and Exchange Commission (SEC).
In a move to push for regulatory clarity in the crypto sector, Coinbase CEO Brian Armstrong is set to meet with House Democrats.
The closed-door session, scheduled for Wednesday morning, will focus on digital-asset legislation. The move marks a significant moment in the ongoing dialogue between crypto industry leaders and policymakers.
Armstrong’s Push for Clearer Crypto Regulations
On Wednesday, July 19, 2023, Brian Armstrong, the Chief Executive Officer of Coinbase Inc., will engage in a private discussion with lawmakers from the New Democrat Coalition.
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The conversation will revolve around digital-asset legislation and related issues, including tax, national security, privacy, and climate. Moreover, the meeting comes at a crucial time as Coinbase, one of the largest cryptocurrency exchanges globally, is facing a lawsuit by the Securities and Exchange Commission (SEC).
Recently, Armstrong has been at the forefront of a campaign in Washington to establish clearer rules around digital assets. For instance, Coinbase, a US-based company, has encouraged lawmakers to consider two circulating bills offering more explicit guidance on how crypto exchanges can register with regulators.
The move comes amid Coinbase’s ongoing lawsuit with the SEC. Specifically, the agency accused Coinbase of defying rules that require it to register as a securities exchange. On the other hand, Coinbase has denied these claims and sought to dismiss the lawsuit.
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This legal battle is part of a broader crackdown on the industry by SEC Chair Gary Gensler, who recently initiated several enforcement actions.
On the Flipside
- Coinbase is exploring all options for pushing for more precise regulations. For instance, on July 6, Coinbase’s Chief Legal Officer Paul Grewal pointed to a polarizing Supreme Court decision as a potential precedent against the SEC.
- Armstrong also argued that the SEC’s crypto crackdown would hurt innovation in the US and push crypto companies overseas.
Why This Matters
This meeting is significant for crypto traders as it could potentially influence future regulations around digital assets. Specifically, clearer rules could lead to increased stability in the market, potentially attracting more institutional investors to the crypto space.
Read more about the SEC’s case against Coinbase:
SEC Condemns Coinbase Operating Structure in Lawsuit Spree
Read more about the latest push for decentralized internet infrastructure:
Bidding For Privacy: tomi DAO Launches Domain Auctions for Alternative Internet
