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Coinbase CEO Brian Armstrong to Meet House Democrats About Crypto Legislation: Bloomberg
Armstrong will meet privately with Congress members from the New Democrat Coalition.
Updated Jul 27, 2023, 1:36 p.m. Published Jul 18, 2023, 8:14 a.m.
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Coinbase (COIN) CEO Brian Armstrong will meet Democrats from the House of Representatives in Congress behind closed doors Wednesday morning with the crypto exchange embroiled in a legal battle with the U.S. Securities and Exchange Commission (SEC), Bloomberg reported Monday citing Democratic aides familiar with the plans.
The private meeting will be with members of the New Democrat Coalition, a caucus of over a 100 Democrats who say they are committed to pro-economic growth, pro-innovation and fiscally responsible policies, according to the group's website.
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The meeting will concern "digital-asset legislation and related issues including tax, national security, privacy and climate," the report said. Recently, lawmakers from the House and Senate have introduced separate bills in an attempt to bring clarity to crypto regulation, though the reality of a divided Congress means it's unclear whether such efforts will bear fruit.
On June 6, the SEC charged Coinbase with breaching federal securities law. Coinbase responded saying the SEC's action violates due process and constitutes an abuse of discretion. Coinbase shares rose over 24% Thursday after a court handed Ripple and by implication, the crypto industry, a partial victory in a case against the SEC, ruling that Ripple's XRP token is not a security.
Coinbase and the New Democratic Coalition didn't immediately respond to a request for comment early Tuesday morning before U.S. office hours.
Read More: Coinbase Lawyers Argue Biden Student Loans Ruling Aids Defense Against SEC
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Ripple's Brad Garlinghouse says CLARITY bill has '90% chance' of passing by April
The bill would clarify which digital assets fall under securities law versus Commodity Futures Trading Commission oversight.
What to know:
- Ripple CEO Brad Garlinghouse said he now sees a 90 percent chance that the long-debated Clarity Act will pass by the end of April, citing renewed momentum in Washington.
- The bill would clarify which digital assets fall under securities law versus Commodity Futures Trading Commission oversight, addressing long-standing regulatory uncertainty that Garlinghouse says has weighed on innovation.
- Ripple, which has spent nearly $3 billion on acquisitions since 2023 and is now pausing major deals to focus on integration, argues that both crypto firms and traditional financial institutions increasingly want clear rules as attitudes toward digital assets shift.
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