Coinbase (COIN) CEO Brian Armstrong is scheduled to meet with Democrats from the House of Representatives in a closed-door session on Wednesday morning, as the popular cryptocurrency exchange continues its legal dispute with the U.S. Securities and Exchange Commission (SEC), according to Bloomberg. Democratic aides familiar with the plans revealed the details of the meeting.
The private discussion will involve members of the New Democrat Coalition, a caucus consisting of over 100 Democrats who prioritize pro-economic growth, pro-innovation, and fiscally responsible policies, as stated on the group’s official website.
Sources indicate that the meeting’s agenda will focus on “digital-asset legislation and related issues, including tax, national security, privacy, and climate.” In recent months, lawmakers from both the House and Senate have introduced separate bills in an attempt to provide clearer regulations for the crypto industry. However, the divided nature of Congress raises uncertainty about the success of these endeavors.
Coinbase found itself in hot water on June 6 when the SEC charged the exchange with violating federal securities law. In response, Coinbase argued that the SEC’s actions disregard due process and constitute an abuse of discretion.
Coinbase’s legal situation recently took an interesting turn when a court ruling favored Ripple, which indirectly impacts the broader crypto industry. The court ruled that Ripple’s XRP token is not a security, leading to a surge in Coinbase shares by over 24% on Thursday.
The outcome of the meeting between Brian Armstrong and the Democratic lawmakers is eagerly anticipated, as it could shed light on the future of digital asset regulation in the United States. Both the crypto industry and regulators are looking for clarity and common ground to navigate this rapidly evolving landscape.