The closed-door gathering will be attended by MPs from the New Democratic Coalition, one of the largest caucuses in the House of Representatives.
Brian Armstrong, CEO of Coinbase, the largest U.S. cryptocurrency exchange, will meet privately with House Democrats on Wednesday morning.
According to Bloomberg, Democratic aides revealed that the meeting will focus on cryptocurrency legislation and related issues such as taxation, privacy and national security.
Coinbase CEO to meet with House Democrats
The closed-door meeting will be attended by MPs from the New Democratic Coalition, one of the largest caucuses in the House of Representatives, made up of 100 members committed to promoting economic growth, supporting innovation and fiscally responsible policies.
Armstrong’s meeting with the New Democratic Coalition comes as Coinbase faces a lawsuit from the U.S. Securities and Exchange Commission (SEC) for alleged securities law violations. Recall that the SEC last month accused the cryptocurrency exchange of operating as an unregistered national securities exchange, clearing agency, and broker.
While Coinbase fights the SEC’s charges, Armstrong has launched a campaign seeking clearer cryptocurrency rules in the U.S. Prior to the lawsuit, Coinbase petitioned the agency in July 2022 for clarity on cryptocurrency regulation. After ignoring the exchange’s request, the agency ultimately asked for more time to submit a specific response.
Armstrong seeks clear rules for crypto
The Coinbase chief urged U.S. lawmakers to consider two cryptocurrency bills already in circulation, promising to provide guidance for regulators on how to oversee digital assets. Lawmakers in the House and Senate introduced the bills to provide clarity on cryptocurrency regulation.
The first package, proposed by the Republican chairmen of the House Financial Services Committee and the House Agriculture Committee, would enable cryptocurrency exchanges to register with the SEC and trade digital securities, commodities and stablecoins in one place.
The second, introduced by crypto-friendly Sen. Cynthia Lummis and Sen. Kirsten Gillibrand, would require the Commodity Futures Trading Commission to oversee exchanges, while regulated depository institutions would be responsible for handling stablecoin issuers. The bill was originally introduced in June 2022 but was reintroduced last week.
Meanwhile, Coinbase’s COIN stock has risen more than 25% since a federal court ruled in favor of Ripple Labs in its lawsuit with the SEC over whether XRP is recognized as a security or investment contract. The partial victory is seen as a win for the entire crypto industry. The closed-door gathering will be attended by lawmakers from the New Democratic Coalition, one of the largest caucuses in the House of Representatives.
