Coinbase CEO Brian Armstrong will meet with a bipartisan group from the US House of Representatives on July 19 to discuss proposed new laws around digital assets.
The US Securities and Exchange Commission (SEC) has filed a lawsuit against Coinbase and Binance, alleging that they failed to conduct the registration.
according to bloombergAgainst this backdrop, Armstrong plans to discuss taxation, national security, privacy issues, and climate change.
The representative of the New Democratic Alliance said in an email that the meeting will touch on vital matters related to the industry.
Successful SEC lawsuits could have a huge impact on the cryptocurrency market, as it would establish the authority of the commission over the sector. Traditionally, the industry has argued that tokens are not securities and should not fall under the SEC’s regulatory purview. Thus, the positive outcome of the lawsuits could lead to transformative changes in the cryptocurrency, especially in light of Ripple’s recent victory.
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Coinbase and Binance have dismissed the SEC’s allegations against them and promised a strong defense. Armstrong has been an outspoken opponent of the SEC, calling SEC Chairman Gary Gensler “an outsider” in the Washington policy-making community.
The outcome of these cases could shape the future regulatory framework for cryptocurrencies and have far-reaching consequences for market participants.