Coinbase CEO Brian Armstrong will meet with House Democrats on Wednesday, according to a report from Bloomberg. Armstrong will discuss with the New Democrat Coalition in a closed-door meeting on digital asset regulations and other crypto-related issues, aides familiar with the development noted.
The Coinbase CEO will continue his advocacy for crypto adoption in the US with the meeting, despite his previous efforts being frustrated by the country’s top regulatory watchdog, the Securities and Exchange Commission (SEC). Armstrong has now taken the next step by scheduling a meeting with the Democrats to discuss crypto legislation and related issues, including taxes, national security, privacy, and climate.
The New Democrat Coalition consists of 100 center-left members who, according to them, are seeking to work on a range of issues to advance innovative, inclusive, and forward-looking policies.
Defying All Odds
Armstrong is defying all odds by continuing his clearer crypto regulation push. The American-based exchange is facing a lawsuit by the SEC, as the regulator alleges it offered unregistered securities to retail traders. In the lawsuit, the SEC listed assets like MATIC, SOL, SAND, and FIL, among others, as securities.
The Coinbase boss led a campaign in Washington to make lawmakers see the reasons for clearer digital asset rules. Armstrong has urged lawmakers to consider the two bills proposed by the US House Republicans and the Senate and set out regulations as soon as possible.
Resilience
Coinbase’s shares rose by over 24% last week despite regulatory issues surrounding the exchange and the broader crypto market. The crypto firm was one of the biggest beneficiaries of Ripple’s partial victory over the SEC in the elongated legal battle regarding whether XRP is a security.
Coinbase and other exchanges relisted XRP following the court declaration. Crypto exchanges would draw inspiration from Ripple, as the victory proved that they can overturn the SEC’s ruling through legal due diligence.
