Coinbase Founder to Meet US Congressmen to Discuss Crypto
- Coinbase CEO Brian Armstrong is set to meet with US lawmakers to determine crypto policies.
- Armstrong will meet the members of the New Democrat Coalition on July 19 behind closed doors.
- The New Democrat Coalition is a group of 100 Democrats in the House of Representatives.
- Armstrong will discuss crypto regulation and its impact on national security, privacy, and the climate.
Crypto exchange Coinbase, founded by CEO Brian Armstrong, has openly voiced its concerns regarding the regulatory practices of the United States Securities and Exchange Commission (SEC). Interestingly, Armstrong is set to meet with members of the US Congress to discuss crypto regulation and the future of the digital asset industry on American soil.
According to a report earlier this week by Bloomberg, the Coinbase exec is set to meet the members of the New Democrat Coalition, a group of 100 Democrats in the House of Representatives that is focused on advancing “innovative, inclusive, and forward-looking policies.”
It is crucial to note that Armstrong is expected to speak with the members regarding digital asset regulation and how the technology could potentially impact national security, privacy, and the climate. The meeting will be held on Wednesday behind closed doors amid the presence of different proposals in the House and Senate surrounding different aspects of cryptocurrencies.
Interestingly, last week, Sens. Cynthia Lummis and Kirsten Gillibrand reintroduced their crypto regulatory framework bill in Congress, which aims to create policies for the digital asset industry to follow. On the other hand, the lawmakers on the House Financial Services Committee are currently considering a draft of a market structure bill.
Additionally, Coinbase is currently involved in a legal battle with the SEC, which has sued the exchange, claiming that it is operating an unregistered securities exchange inside US borders without registering with the regulator. The SEC claims that the American exchange knew it was violating US laws but “made the calculated decision to take on this risk.”
Moreover, Coinbase has also temporarily halted staking services in California, New Jersey, South Carolina, and Wisconsin as a result of legal proceedings from local regulators. Customers in these states cannot stake additional tokens, but their existing staked tokens are safe.
Being an integral part of the crypto industry, Armstrong called for the election of pro-crypto candidates a few months ago.
“What we’re going to do is start putting out content where people can contact their congressman, donate to pro-crypto candidates, show up at town halls, and make your voice heard. We are going to elect pro-crypto candidates in this country to make sure that our success is ensured,” said the Coinbase executive.
Back in March, Coinbase also announced a new political campaign called #Crypto435 to promote pro-crypto policies in the United States. The goal is to “grow the crypto advocacy community and share tools and resources,” Armstrong said.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
