Coinbase CEO Brian Armstrong Engages in Closed-Door Meeting with House Democrats to Discuss Digital-Asset Legislation
- Coinbase CEO Brian Armstrong will have a closed-door meeting with House Democrats to discuss digital-asset legislation and related issues such as tax, national security, privacy, and climate.
- The meeting aims to advance innovative and inclusive policies and is with members of the New Democrat Coalition, a group of center-left lawmakers who seek bipartisan collaboration.
- Coinbase is currently facing a lawsuit from the Securities and Exchange Commission (SEC) alleging that it defied rules requiring registration as a securities exchange.
- Armstrong has been advocating for clearer rules and regulations in the crypto industry and has urged lawmakers to consider two bills that provide guidance on crypto exchange registration with regulators.
- The meeting takes place amidst a wider crackdown by SEC Chair Gary Gensler on the cryptocurrency industry, and Coinbase’s shares rallied after a recent federal court ruling potentially narrowing the SEC’s oversight on crypto trading platforms.
The CEO of Coinbase, Brian Armstrong, is set to meet with House Democrats in a closed-door session on Wednesday morning. The meeting will focus on digital-asset legislation and related issues such as tax, national security, privacy, and climate. Coinbase, one of the largest cryptocurrency exchanges globally, is currently facing a lawsuit from the Securities and Exchange Commission (SEC).
Armstrong has been actively advocating for clearer rules and regulations around digital assets and has urged lawmakers to consider two bills that would provide guidance on how crypto exchanges can register with regulators. The meeting with the House Democrats, specifically members of the New Democrat Coalition, aims to advance innovative and inclusive policies.
The SEC has accused Coinbase of defying rules that require it to register as a securities exchange, but Coinbase has denied the claims and is seeking to dismiss the lawsuit. SEC Chair Gary Gensler has been leading a broader crackdown on the cryptocurrency industry, taking various enforcement actions in recent months.
Armstrong has highlighted the conflicting statements from the SEC and the Commodity Futures Trading Commission (CFTC), two different regulatory bodies, regarding their authority over parts of the industry. He has emphasized the need for new legislation to address this situation.
Coinbase’s shares experienced a significant rally of 24% following a federal court ruling that potentially narrowed the SEC’s oversight regarding what can be listed on crypto trading platforms.
At the time of this response, no further details regarding the outcome or specific discussions from the closed-door meeting have been provided.