Coinbase CEO Brian Armstrong is scheduled to meet with Democrats from the US House of Representatives on Wednesday. according to bloomberg report, Coinbase’s CEO will meet with the new Democratic Alliance behind closed doors to discuss a range of issues.
Coinbase CEO to Engage Democratic Lawmakers in Crypto Regulation
Founded in 1997, the New Democratic Alliance Claims To be one of the largest Democratic caucuses in the House of Representatives, consisting of about 100 members dedicated to “pro-innovation economic growth and fiscally responsible policies.”
According to Bloomberg, Democratic aides close to the matter revealed that Armstrong will engage members of this caucus on issues including digital asset legislation, taxation, national security, privacy, and climate.
Coinbase’s CEO has long been outspoken about the need for clear regulations in the US crypto space especially after tough regulatory actions by the US Securities and Exchange Commission (SEC) this year.
After a meeting with the SEC in April, Armstrong she expressed His view on the importance of regulators developing policy before implementation and not the other way around. He also hinted that there might be a need for the US Congress to finally give its opinion on the issue.
Since then, US lawmakers from the House and Senate have introduced two distinct bills aimed at clearing up the cryptocurrency space. However, each bill proposes separate agencies to assume control of the market.
For context, the A bill passed by the House of Representatives It will require cryptocurrency exchanges to register with the SEC to trade digital assets, commodities, stablecoins, and other related assets. On the other hand, the Senate bill He proposes to give the CFTC authority to supervise and regulate cryptocurrency exchanges.
Total Crypto Market Cap Valued At $1.16 Trillion On The Hourly Chart | Source: TOTAL Chart On Tradingview.com
Coinbase is still in court with the SEC
In other news, Brian Armstrong’s planned meeting with the New Democratic Alliance comes as the Coinbase exchange is facing a lawsuit by the Securities and Exchange Commission.
As mentioned earlier, the SEC has been in the works all year with cracking down on several crypto players, including Binance, Gemini, Bittrex, and Coinbase, among others.
The Securities and Exchange Commission stated in its June 6 statement that it is prosecution Coinbase is a crypto-based company that operates as an “over-the-counter securities exchange, broker, and clearing agency.”
Related Reading: SEC Wants Blood: Coinbase Sued One Day After Binance
In response, Coinbase advertiser that the SEC hasn’t created a “clear rulebook” for the crypto space and wouldn’t mind going to court to “finally get some clarity on crypto rules.”
Last week, Thursday, July 13, the parties met in court for the first time at a pre-suit hearing presided over by Judge Kathryn Polka-Valia.
On the same day, the US court ruled that XRP is not a security in the ongoing Ripple vs SEC case. Amidst the euphoria that gripped the crypto space due to this ruling, Coinbase market shares rose more than 33% in the next 24 hours.
Featured image from Fortune, chart from TradingView.
