Coinbase Taps Ex-Rep. Kendrick Meek for Advisory Council as House Gears Up for Crypto Legislation Vote

Former Congressman Kendrick Meek (D-Fla.) is hopping on board Coinbase’s global advisory council, The Hill reported on Monday.

Faryar Shirzad, Coinbase’s chief policy officer, welcomed Kendrick for his experienced leadership, noting its importance in updating the system, especially with 52 million Americans diving into the crypto economy.

Meek’s appointment to the council comes just before the House vote on the Financial Innovation and Technology for the 21st Century Act (FIT21).

Very honored to have @KendrickMeek join the @coinbase Global Advisory Council. At a time when 52 million Americans have joined the crypto economy, it’s great to have an experienced leader like Kendrick join us in updating the system. https://t.co/6bPYG5T1ND

— Faryar Shirzad 🛡️ (@faryarshirzad) May 20, 2024

The new legislation aims to clarify how digital assets are regulated. It assigns clear roles to the Securities and Exchange Commission and the Commodity Futures Trading Commission. Specifically, the law would give the CFTC more power to oversee most cryptocurrencies, treating them like commodities.

The bill cruised through the House Agriculture and Financial Services committees last summer with backing from both parties. But it needs Democrat votes to pass the full House on Wednesday.

Former Congressman Champions Crypto for Underserved Communities

Meek served in the House of Representatives for Florida’s 17th Congressional District from 2003 to 2011. He also held positions on the House Ways and Means Committee, the Democratic Steering and Policy Committee, and the Congressional Black Caucus. Additionally, he chaired the board of directors of the Congressional Black Caucus Foundation.

“As we work to address the compounding economic stressors of the traditional financial system, digital assets offer new opportunities to address the systemic issues that have plagued our financial system and failed too many Americans,” Meek said in a statement.

“And for Black and Hispanic Americans and other underserved communities, the need for a more equitable and inclusive financial system has never been more urgent.”

The ex-congressman joins a high-profile council of Washington insiders.

Last November, Coinbase welcomed former Defense Secretary Mark Esper, former Rep. Stephanie Murphy, and other policy heavyweights to the global advisory council, launched in May. Its initial members included former Sen. Patrick Toomey and former Reps. Tim Ryan and Sean Patrick Maloney. Maloney stepped down earlier this year.

“I’m looking forward to using my seat on the Council to support American leadership in shaping the future of digital assets and building in protections for vulnerable communities,” Meek said.

First Crypto Regulation in US Could Be Near Pending FIT21 Approval

On Monday, the Blockchain Association called for a full House floor vote on the FIT21 initiative. If both the House and the Senate approve, it would represent the first crypto-focused regulation
in the US.

Regulators in the US have faced criticism for their handling of the crypto industry, particularly the SEC for its enforcement-oriented regulation.