Brian Armstrong continues to wave the flag of new crypto regulations in the US.
On July 19th, Brian Armstrong, the crypto exchange Coinbase CEO, is expected to take part in a confidential meeting with Democratic lawmakers of the House.
This engagement is of particular interest as it takes place amidst heightened regulatory scrutiny facing the cryptocurrency exchange.
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According to the Bloomberg report shared on July 18th, the discussion will be held with the representatives from the New Democrat Coalition, focusing primarily on the evolving legislative landscape concerning digital assets. Other pertinent topics, such as taxation rules, implications for national security, privacy issues, and climate-related considerations, will also be on the agenda.
Armstrong has been a vocal advocate for regulatory clarity and more precise guidelines governing the digital assets space. In this regard, he has urged legislators to review two existing bills that address these concerns.
The timing of this assembly is crucial as Coinbase, recognized as one of the world's most prominent cryptocurrency exchanges, is currently embroiled in a lawsuit brought about by the SEC.
Coinbase found itself in the SEC's crosshairs on June 6th, with allegations that the crypto exchange violated US securities laws by offering a variety of tokens that the regulatory body identifies as securities.
The legal action is part of a wider campaign led by Chair Gary Gensler to tighten regulatory control over the crypto sector, which has also seen competitor crypto exchange, Binance under increased scrutiny.
In response, Coinbase lodged a dismissal motion against the lawsuit on June 29th, refuting the SEC's charges and labeling the legal action as an "extraordinary abuse of process."
The past week saw a significant boost for Coinbase, with its stock prices soaring over 24%, breaking the $100 mark for the first time in more than a year. This market rally came following a partial legal win for Ripple in its own SEC case.
The private meeting between Armstrong and the House Democrats illustrates the ongoing struggle for clear regulatory guidance within the rapidly evolving crypto space.
