Brian Armstrong, CEO of US cryptocurrency exchange Coinbase, reportedly wants to meet with members of Congress to discuss legislation on digital assets and related topics. According to a Bloomberg report on July 17, Armstrong will meet with the New Democrat Coalition, a group of about 100 Democrats in the House of Representatives focused on promoting „innovative, inclusive, and forward-looking policies.“ The Coinbase CEO wants to discuss digital assets with lawmakers and how the technology could potentially impact national security, privacy, and the environment.
The meeting is expected to take place behind closed doors on July 19. Currently, various proposals are being discussed in the House of Representatives and the Senate to regulate different aspects of the crypto space. On July 12, Senators Cynthia Lummis and Kirsten Gillibrand submitted a bill to create a comprehensive regulatory framework for digital assets. Meanwhile, lawmakers on the House Financial Services Committee are considering a draft market structure bill.
Coinbase is currently involved in a legal battle with the US Securities and Exchange Commission (SEC) over allegedly offering unregistered securities. The two parties had their first hearing on July 13.
As one of the industry leaders, Armstrong has called for discussions between US lawmakers and Coinbase following the crypto market crash and events surrounding FTX. The CEO said the exchange will urge crypto users to „support pro-crypto candidates“ in the 2024 presidential election.
These developments highlight the increasing importance of regulation in the cryptocurrency industry and the efforts of industry leaders to engage with lawmakers to shape the future of digital assets. The outcome of these discussions and potential legislative actions could have significant implications for the cryptocurrency market and its participants.