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Coinbase CEO Engages in Crucial Congressional Crypto Discussions

Brian Armstrong, Coinbase CEO, schedules a meeting with Congress members to deliberate on cryptocurrency legislation amidst varied legislative proposals and ongoing SEC lawsuit.

Wed, 26 Jul 2023, 04:49 am UTC

The wave of digital assets and cryptocurrency has recently caught the attention of Brian Armstrong, the CEO of Coinbase, America's renowned cryptocurrency exchange platform. Reports suggest he's making strategic moves to connect with key legislative players in Congress to deliberate over related legislation.

Bloomberg recently reported that Armstrong's calendar includes a meeting slated for July 19 with the New Democrat Coalition, an assembly of around 100 House Democrats. The coalition's main aim is to implement modern, inclusive, and forward-thinking strategies. The discussion is rumored to encompass the potential repercussions of digital technology on national security, privacy, and the environment, alongside cryptocurrency legislation.

This rendezvous comes when different proposals aimed at regulating varied aspects of the cryptocurrency sector are being considered in both the House and Senate. Cynthia Lummis and Kirsten Gillibrand, Senators, reinstated legislation on July 12 to lay down an exhaustive regulatory blueprint for digital assets. Simultaneously, the House Financial Services Committee is contemplating a draft bill that would shape the market's structure.

While Armstrong is reaching out for legislative discussions, Coinbase is entangled in a lawsuit with the U.S. Securities and Exchange Commission (SEC) over allegations of offering unregistered securities. The initial pre-motion hearing between both parties occurred on July 13. As a pioneer in the industry, Armstrong has called for further dialogue between lawmakers and Coinbase, especially in the wake of the crypto market downturn and the events revolving around FTX.

Armstrong expressed that Coinbase would appeal to its crypto user base to vote for favorable candidates throughout the U.S. This move hints at the influential role digital assets could play in the upcoming 2024 presidential elections, indicating the potential shift in political focus towards digital technologies.

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