Coinbase Ceo Urges Us Lawmakers For Crypto Regulatory Clarity

7/24/2023 11:00:02 PM

(MENAFN- CoinXposure) Following discussions with key officials, Coinbase CEO Brian Armstrong reportedly stated that lawmakers in the united states have a renewed focus on regulatory clarity in the Cryptocurrency sector.

According to a July 24 report by Axios, Armstrong conferred with U.S. lawmakers on July 20 in advance of deliberations and votes on bills designed to provide regulatory clarity on digital assets.

According to the Coinbase CEO, the SEC's lawsuit against Ripple, in which a court ruled that XRP primarily did not qualify as a security, has driven a lot of urgency” among members of Congress.

Armstrong stated,“Rep. Patrick McHenry is extremely committed to passing legislation.” As far as I can tell, Maxine Waters is intently examining it.

I believe the Ripple case created a great deal of urgency. Similar to the recent Bitcoin ETF filings from Blackrock, Fidelity, and other significant financial service providers.”

The House and Senate are currently discussing several crypto and blockchain-related draft bills, including the Financial Innovation and Technology for the 21st Century Act, the Responsible Financial Innovation Act, the Digital Asset Anti-Money Laundering Act, and the Digital Asset Market Structure Bill.

According to Armstrong, the SEC v. Ripple ruling has generated“not-to-be-underestimated optimism,” compelling legislators to consider a legislative path forward rather than relying on court decisions.

In June, following a March notice from Wells, the SEC charged Coinbase with alleged violations of securities laws.

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Numerous Coinbase executives have publicly refuted the allegations and asserted that the commission was employing a“regulation by enforcement” approach to cryptocurrencies .

In May, Coinbase announced that it would host a“Stand for Crypto Day” on July 19 in Washington, DC, ostensibly a rally or protest intended to convince members of Congress to support crypto-friendly policies.

Although Armstrong was in the nation's capital city around the same time, the absence of related activity on Coinbase's social media channels suggested that the event may not have occurred or was a different approach than had been implied.

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