Brian Armstrong, the CEO of Coinbase, has organized a private meeting with a number of House Democrats for Wednesday, where he intends to discuss the future of legislation pertaining to digital assets. This discussion is taking place as renowned cryptocurrency exchanges Coinbase and Binance are involved in ongoing legal disputes.
Both exchanges are the targets of litigation brought by the U.S. Securities and Exchange Commission (SEC), which claims they did not register their business operations with the regulatory body.
In addition to discussing the lawsuits, Armstrong will touch on various related topics during the meeting. These include taxation, national security, privacy concerns, and climate considerations. A spokesperson from the New Democrat Coalition conveyed this information through an email statement.
At present, Coinbase has not provided an immediate response to requests for comment outside of normal business hours. The outcomes of the SEC lawsuits hold the potential to reshape the cryptocurrency market. If successful, they could establish the SEC’s authority over the industry. For years, the cryptocurrency sector has argued against such regulation, asserting that tokens do not fall under the purview of securities.
The statement gained a robust stance when Ripple was recently declared not a security by a US court. The ruling was considered a major win for the crypto community as a whole.
In one of the recent National Press Club events on Monday, SEC chair Gary Gensler expressed that the ruling regarding the public exchanges left him disappointed. He also stressed that the SEC will double down on its efforts to bring down firms that are non-compliant.
