Coinbase CEO Brian Armstrong reportedly said that lawmakers in the United States have a renewed focus on regulatory clarity in the crypto space following talks with key officials.
According to a July 24 Axios report, Armstrong met with US lawmakers on July 20 ahead of discussions and votes on laws aimed at providing regulatory clarity on digital assets. The Coinbase CEO reportedly said that the Securities and Exchange Commission lawsuit against Ripple, in which a court said that XRP (XRP) largely did not qualify as a value — “drove a lot of urgency” among members of Congress.
“Reps. Patrick McHenry is very committed to getting legislation done,” Armstrong said. “Maxine Waters is taking a deep look at him, from what I can tell. [...] I think the Ripple case generated a lot of urgency. The same goes for these bitcoin ETF filings we've been seeing recently from Blackrock, Fidelity and major financial services companies."
There there are several bills on crypto and blockchain is currently being discussed in the House of Representatives and the Senate, including the Financial Technology and Innovation for the 21st Century Act, the Responsible Financial Innovation Act, the Anti-Money Laundering of Digital Assets Act, and the Digital Asset Market Structure bill. According to Armstrong, the SEC. v. The Ripple ruling was creating “optimism not to be underestimated”, pushing lawmakers to consider a legislative path forward rather than relying on court decisions.
Related: Coinbase vs SEC Court Dates Confirmed for Case Opening Arguments
Coinbase is facing its own lawsuit from the SEC, which cashed the crypto exchange for alleged violations of securities laws in June after a notice from March Wells. Many Coinbase executives have publicly denied the allegations and stated that the commission was operating on a "regulation by enforcement" approach to cryptocurrencies.
In May, Coinbase Announced that he planned to host a “Support Cryptocurrency Day” in Washington, DC on July 19, ostensibly a rally or protest aimed at persuading members of Congress to support cryptocurrency-friendly policies. Although Armstrong was in the nation's capital city at around the same time, the lack of related activity on Coinbase's social media channels suggested the event may not have happened or was a different approach than had been hinted at.
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