Coinbase CEO Brian Armstrong will meet with New Democratic Coalition lawmakers to discuss crypto legislation, according to sources.
Coinbase CEO Brian Armstrong will meet with House Democrats behind closed doors on July 19. This meeting marks the first time Armstrong engages with lawmakers since the US SEC filed a lawsuit against the crypto exchange last month, according to sources familiar with the matter.
Reports indicate that Brian Armstrong will engage in a private conversation with lawmakers from the New Democrat Coalition. The discussion will cover cryptocurrency legislation and various related topics, including national security, privacy, climate, and taxation issues.
Armstrong has been an active advocate for clearer regulations on digital assets in Washington. As a US-based company, Coinbase is urging lawmakers to consider two bills currently circulating. These bills aim to offer better guidance on how crypto exchanges can register with regulatory authorities.
The New Democrat Coalition is a group of 100 center-left members committed to collaboration across party lines. Their objective, as stated on their website, is to promote innovative, inclusive, and progressive policies.
SEC takes legal action against Coinbase
Last month, the US Securities and Exchange Commission (SEC) filed a lawsuit against Coinbase for alleged violations of securities laws and failure to register as a securities exchange. This legal action is part of the SEC’s broader crackdown on the cryptocurrency industry.
Coinbase denies the claims and is determined to defend its position against the US SEC lawsuit. Furthermore, the company is also facing a legal battle with the CFTC. Coinbase’s CEO, Brian Armstrong, has emphasized the need to address the contradictory statements made by the SEC and the CFTC regarding their regulatory jurisdiction over specific aspects of the crypto industry. In response, the US Congress is working on introducing new legislation to resolve this issue.
Despite regulatory developments, Coinbase’s stock price has experienced a significant rally, surging by 142% over the past five weeks. However, Ark Invest has taken advantage of the recent rally and seized an exit opportunity.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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