The private meeting aims to discuss various areas, including tax regulations, national security, privacy, and environmental considerations related to cryptocurrencies, as well as general concerns regarding digital asset legislation.
This development occurs in the backdrop of the ongoing legal battle between Coinbase and the SEC. The agency has accused Coinbase of violating regulations by not registering as a securities exchange, a claim that Coinbase strongly disputes and is actively seeking dismissal of.
Coinbase argues that the actions taken by the SEC represent an undisclosed change in its interpretation of its own authority, characterizing it as an abuse of power. CEO Armstrong has long been an advocate for clear guidelines regarding digital assets, emphasizing the need for congressional legislation to address inconsistencies between the SEC and the CFTC.
Coinbase has proposed two bills to lawmakers that would provide explicit directions on how crypto exchanges should register with regulators. These efforts aim to close authority gaps between the CFTC and SEC and strengthen financial and technological innovation in the U.S.
Armstrong calling for clearer regulations aligns with the concerns of the broader crypto industry, which has faced increased scrutiny from the SEC. The Blockchain Association has criticized the agency for exhibiting bias against cryptocurrencies other than Bitcoin, asserting that the SEC considers all digital assets as securities as was showcased in the XRP lawsuit.
Coinbase CEO Brian Armstrong To Meet With House Democrats
Subscribe to the CryptoWeekly Newsletter
Get the top stories, funding deals, technical analysis, cryptocurrency jobs and much more delivered to your inbox, every Monday morning.
September 16,2024
Worldcoin Being Investigated By Singaporean Authorities For Potentially Violating Regulations
September 16,2024
Flappy Bird May Be Revived In Web3 Format Despite Original Creator Not Being Involved
September 16,2024
Web3 Fundraising Deals - 10th To 16th September, 2024
September 15,2024
BTC Finally Starts To Recover As Total Crypto Market Cap Up By $70 Billion
September 14,2024
Coinbase Wrapped BTC Reaches Impressive Milestone In Just 24 Hours
September 13,2024
United States SEC Admits Several Cryptocurrencies Are Not Securities
September 13,2024
OpenAI Releases New AI Model Series To Support Smart Contract And Blockchain Capabilities
September 12,2024
Inaugural Congressional Hearing About DeFi Takes Place
September 12,2024
Cardano Hits New Network Milestones As Hoskinson Debunks Faulty Staking Claims
September 11,2024
Nucoin Will Be Discontinued As Holders Given Option To Convert To BTC Or USDC
September 11,2024
PayPal And Venmo Will Integrate Ethereum Name Service For Crypto Transfers
September 10,2024