Coinbase (COIN) CEO Brian Armstrong is schedule to hold a confidential meeting on Wednesday morning with Democrats from the House of Representatives in Congress. This meeting comes at a time when the crypto exchange is entangle in a legal dispute with the U.S. Securities and Exchange Commission (SEC), as reported by Bloomberg on Monday, citing Democratic aides who are familiar with the plans.
The closed-door meeting will involve members of the New Democrat Coalition, a caucus consisting of over 100 Democrats who are dedicated to fostering economic growth, promoting innovation, and adopting fiscally responsible policies, according to the group’s website.
According to the report, the meeting’s agenda, spearheaded by Brian Armstrong, will primarily focus on “digital-asset legislation and related matters, including tax, national security, privacy, and climate.” Recent times have witnessed the introduction of separate bills by lawmakers from both the House and Senate, all aiming to bring clarity to the intricate realm of cryptocurrency regulation. However, due to the divided nature of Congress, the ultimate outcome and effectiveness of these endeavors remain uncertain.
On June 6, the SEC filed charges against Coinbase for violating federal securities law. In response, Coinbase expressed its belief that the SEC’s actions infringe upon due process and represent an abuse of discretion. Following a court ruling that Ripple’s XRP token is not a security, Coinbase shares experienced a significant surge of over 24% on Thursday. This ruling indirectly benefited the broader cryptocurrency industry.
As of early Tuesday morning, prior to the commencement of U.S. office hours, Coinbase and the New Democratic Coalition had not provided an immediate response to a request for comment.
Read Also: Al-Ittihad offer Liverpool £40m for Fabinho