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Coinbase Chief Executive to Confer with US House Democrats Regarding Cryptocurrency Legislation: Report
Brian Armstrong, the CEO of the largest cryptocurrency exchange in the United States, Coinbase, is scheduled to have a private meeting with House Democrats on Wednesday morning.
A report from Bloomberg indicates that Democratic aides revealed the meeting will concentrate on cryptocurrency legislation and associated topics such as taxation, privacy, and national security.
Coinbase CEO to Meet With House Democrats
This private meeting will involve lawmakers from the New Democrat Coalition, one of the largest groups in the House, consisting of 100 members dedicated to policies that promote economic growth, innovation, and fiscal responsibility.
Armstrong’s discussion with the New Democratic Coalition occurs amid a lawsuit from the Securities and Exchange Commission (SEC) regarding claims of violations of securities laws. It is important to note that the SEC accused the crypto exchange last month of functioning as an unregistered national securities exchange, clearing agency, and broker.
As Coinbase contests the SEC’s claims, Armstrong has initiated a campaign advocating for clearer cryptocurrency regulations in the United States. Prior to the lawsuit, Coinbase approached the agency in July 2022, seeking clarity on crypto regulation. After the agency did not respond to the exchange’s request, it eventually requested additional time to provide a definitive answer.
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Armstrong Seeks Clear Crypto Rules
The Coinbase CEO has called on U.S. lawmakers to evaluate two cryptocurrency bills that are currently being discussed, which aim to clarify which regulators will oversee digital assets. These bills were introduced by lawmakers from both the House and Senate to provide guidance on cryptocurrency regulation.
The first bill, put forth by Republican leaders of the House Financial Services Committee and the House Committee on Agriculture, would allow cryptocurrency exchanges to register with the SEC and facilitate the trading of digital securities, commodities, and stablecoins in a single location.
The second bill, introduced by pro-crypto Senator Cynthia Lummis and Senator Kirsten Gillibrand, would assign oversight of exchanges to the Commodity Futures Trading Commission while regulated depository institutions would manage stablecoin issuers. This bill was initially proposed in June 2022 but was reintroduced last week.
In the meantime, Coinbase’s COIN stock has risen by over 25% since a federal court ruled in favor of Ripple Labs in its lawsuit with the SEC regarding XRP’s classification as a security or investment contract. This partial victory has been viewed as a positive development for the broader crypto industry. The private meeting will involve lawmakers from the New Democrat Coalition, one of the largest groups in the House.
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