December 2, 2023

Coinbase Inc. Chief Executive Brian Armstrong is scheduled to hold a private meeting with House Democrats on Wednesday, according to Democratic aides familiar with the agenda.

The closed-door session will mainly focus on digital asset legislation, covering topics such as taxnational security, privacy and climate.

A step towards regulatory clarity

The upcoming conference comes as Coinbase, one of the world’s largest cryptocurrency exchanges, litigation From the Securities and Exchange Commission (SEC). Armstrong has been spearheading a movement in Washington to create clearer regulation around digital assets. The U.S. firm has been urging lawmakers to consider two circulation bills, promising clearer guidance for regulators on the registration of cryptocurrency exchanges.

The New Democratic coalition of about 100 center-left members is the group planning to meet Armstrong. As stated on its website, the coalition aims to work across party lines to promote innovative, inclusive and forward-looking policies.

Exploring the Regulatory Maze

The U.S. Securities and Exchange Commission (SEC) accused Coinbase of violating stock exchange registration regulations. Coinbase rejected the allegations and proposed lawsuit dismissed. Under Chairman Gary Gensler, the U.S. Securities and Exchange Commission (SEC) has increased its focus on the cryptocurrency industry, launching multiple enforcement actions in recent months.

Armstrong emphasized Inconsistent statement Overseen by two separate U.S. regulators, the SEC and the Commodity Futures Trading Commission (CFTC), which have jurisdiction over various parts of the cryptocurrency industry.

“That’s why the U.S. Congress has introduced new legislation to address this,” Armstrong said.

The outcome of this meeting is likely to inform the legislative direction of the U.S. crypto industry, with significant implications for businesses and investors in the industry.

Coinbase shares soared 24% last week federal court ruling Is considered Potentially limit the SEC Oversee what can be listed on cryptocurrency trading platforms.

The gathering marked a significant development for the cryptocurrency industry, providing a platform for open dialogue and potential consensus on the industry’s regulatory landscape. In the face of an industry increasingly regulated and scrutinized, the conference offers Armstrong and other crypto industry leaders the opportunity to influence future legislation and developments. seek clarity Existing Regulatory Expectations.

Disclaimer: This article is for informational purposes only. It does not provide or be intended to be used as legal, tax, investment, financial or other advice.