Coinbase CEO Meets House Democrats to Discuss Crypto

Coinbase CEO Meets House Democrats to Discuss Crypto

Coinbase CEO, Brian Armstrong, is scheduled to hold a private meeting with House Democrats in Congress this Wednesday. The focus of the meeting will be on discussions related to "digital-asset legislation and related issues, including tax, national security, privacy, and climate."

The meeting will be attended by members of the New Democrat Coalition, a group of more than 100 Democrats known for advocating pro-economic growth, pro-innovation, and fiscally responsible policies.

This development comes at a time when Coinbase is facing legal challenges from the Securities and Exchange Commission (SEC) over allegations of operating an unregistered securities exchange and selling unregistered securities through its staking service.

The SEC has intensified its regulatory actions against crypto companies, with Ripple Labs also facing accusations of selling its XRP token as an unregistered security.

Crypto firms argue that ambiguous regulations have been a recurring issue in both cases. They have pointed to a speech by SEC director William Hinman, where he suggested that Ethereum should not be classified as a security—despite this not being an official SEC ruling. Both Ripple and Coinbase contend that this speech has created confusion about whether cryptocurrencies should be considered securities.

In a recent court ruling, Federal district judge Analisa Torres found that programmatic sales of Ripple's XRP token to the public were "not necessarily a security on its face."

Following news of Ripple's court victory, there was a surge in Coinbase's stock value and renewed optimism within the company's legal team. However, analysts at Berenberg Capital have warned that Coinbase is still "far from being in the clear" despite Ripple's partial win.

SMM and Writer at Redlion, Web3 enthusiast since 2017

© 2020–2024 Redlion NFT Corp. | Crafted with love in-house.