Crypto Laws: Coinbase CEO to have a Meet with U.S. House Democrats

Brian Armstrong, the CEO of Coinbase Inc., will meet with House Democrats on Wednesday morning for a private discussion. This information was shared by Democratic aides who are aware of the plans.

Armstrong will discuss with the New Democrat Coalition about laws related to digital assets. Topics like tax, national security, privacy, and climate will be discussed. This meeting is happening while Coinbase, a major global cryptocurrency exchange, is dealing with a lawsuit from the Securities and Exchange Commission (SEC).

Armstrong has been urging for clearer laws on digital assets in Washington. Coinbase has asked lawmakers to consider two bills that would give better guidelines for crypto exchanges to register with regulators.

The New Democrat Coalition has 100 center-left members who aim to work on various issues by cooperating across party lines.

The SEC accuses Coinbase of not registering as a securities exchange, a requirement according to their rules. Coinbase denies these claims and has tried to end the lawsuit. This is part of a larger effort by the SEC and its leader, Gary Gensler, to tighten regulation on the industry.

Armstrong criticizes the unclear roles of the SEC and the Commodity Futures Trading Commission, two US regulators. He stated that this confusion is why the US congress is introducing new legislation.

A Coinbase spokesperson was not available for a comment on Monday night.

Lastly, Coinbase's stock price went up by 24% last Thursday. This increase happened after a court decision that could limit the SEC's control over what can be listed on crypto trading platforms.