Coinbase Inc. Chief Executive Officer Brian Armstrong will meet with House Democrats behind closed doors Wednesday morning, according to Democratic aides familiar with the plans.
(Bloomberg) — Coinbase Inc. Chief Executive Officer Brian Armstrong will meet with House Democrats behind closed doors Wednesday morning, according to Democratic aides familiar with the plans.
Armstrong will speak privately with lawmakers from the New Democrat Coalition about digital-asset legislation and related issues including tax, national security, privacy and climate. The meeting comes as Coinbase, one of the largest cryptocurrency exchanges in the world, faces a lawsuit by the Securities and Exchange Commission.
Armstrong has led a campaign in Washington to create clearer rules around digital assets. Coinbase, which is based in the US, has urged lawmakers to take up two bills that are circulating and would provide clearer guidance on how crypto exchanges can register with regulators.
The New Democrat Coalition is made up of 100 center-left members seeking to work across the aisle on a range of issues to “advance innovative, inclusive, and forward-looking policies,” according to its website.
Earlier: Coinbase Rallies the Most Since Debut After Ripple Ruling
The SEC alleges Coinbase defied rules requiring it to register as a securities exchange. Coinbase denies the claims, and has sought to dismiss the lawsuit. It’s part of a wider crackdown on the industry by SEC Chair Gary Gensler, who has moved forward with a series of enforcement actions in recent months.
Armstrong has pointed to what he says are conflicting statements by the SEC and the Commodity Futures Trading Commission, two different US regulators, about which agency has authority over parts of the industry. “This is why the US congress is introducing new legislation to fix the situation,” he said.
A spokesperson for Coinbase could not immediately be reached for comment on Monday evening.
Last Thursday, shares of Coinbase rallied 24% after a federal court ruling was seen as potentially narrowing SEC oversight when it comes to what can be listed on crypto trading platforms.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.