Coinbase Inc. (NASDAQ:COIN) CEO Brian Armstrong is scheduled to have a private meeting with House Democrats from the New Democrat Coalition on Wednesday to discuss digital-asset legislation.
Other topics include tax, national security, privacy, and climate, Bloomberg reported.
What Happened: Armstrong has been actively advocating for clearer regulations concerning digital assets in Washington.
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Coinbase has been encouraging lawmakers to consider two circulating bills that would provide more explicit guidelines on how crypto exchanges can register with regulators.
The New Democrat Coalition comprises 100 center-left members who aim to collaborate on a variety of issues to “promote innovative, inclusive, and forward-looking policies,” as stated on its website.
Why It Matters: The U.S. Securities and Exchange Commission (SEC) has accused Coinbase, one of the world’s largest cryptocurrency exchanges, of violating rules that mandate it to register as a securities exchange.
Coinbase refuted these allegations and has sought to have the lawsuit dismissed.
This is part of a broader industry crackdown led by SEC Chair Gary Gensler, who has initiated several enforcement actions in recent months.
Armstrong has highlighted what he perceives as contradictory statements from the SEC and the Commodity Futures Trading Commission — two separate U.S. regulators — regarding which agency has jurisdiction over certain aspects of the industry.
“This is why the U.S. Congress is introducing new legislation to fix the situation,” he said.
Coinbase shares saw a 24% surge last Thursday following a federal court ruling that could potentially limit SEC oversight on what can be listed on crypto trading platforms.
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