By
Bena Ilyas
April 30th, 2024
Armstrong will be speaking to over 100 Democrats, who are members of a group called the New Democrat Coalition.
Coinbase CEO Brian Armstrong will be meeting with lawmakers on Wednesday to discuss the future of crypto regulation and legislation. According to a Bloomberg report, Armstrong will be speaking to over 100 Democrats, who are members of a group called the New Democrat Coalition.
The group, according to its website, is dedicated to innovations and policies that generally help the economy. So, they are expected to be open-minded enough while Amstrong touches on issues bordering on “digital-asset legislation and related issues including tax, national security, privacy, and climate”.
Meanwhile, it is worth mentioning that the meeting may have to do with the ongoing legal action against Coinbase. The US Securities and Exchange Commission (SEC) recently filed a lawsuit against the exchange, citing a violation of federal securities laws. But, Coinbase has since responded with claims that the SEC did not follow due process to take action.
Crypto Regulation in the US: Where Does It Stand?
For long years, the crypto industry has argued that tokens should not be classified as securities and so should not be overseen by the SEC. However, the regulator maintains its stance on the subject matter, claiming it is well within its rights to regulate them.
And while there have been several past attempts to bring clarity to crypto regulation, lawmakers from the House and Senate recently introduced separate bills to the same effect. Though it is not exactly clear whether these recent efforts will yield any favorable results. That is considering that Congress may be divided over the bills.
For what it’s worth though, it appears that regulatory clarity may finally be coming to crypto. Especially, in the light of SEC’s ongoing lawsuits against Coinbase and Binance exchanges.
The suits will either assert SEC’s jurisdiction over the industry or not. But most importantly, there are expectations that the outcome will put an end to whatever arguments that remains about crypto regulation in the United States.
In closely related news, Ripple, and indirectly the crypto industry, recently scored a little win against the SEC. That is following the court’s verdict that Ripple’s XRP token is not a security.
