Regulation
Coinbase CEO Commits to Clear Crypto Rules and Meets with Democratic and Republican Senators
CEO of Coinbase Brian Armstrong has actively lobbied in Washington, DC, to promote the establishment of clear regulations for the cryptocurrency industry. Over the past 48 hours, Armstrong has met with more than a dozen Democratic and Republican senators. Additionally, he discussed the need for definitive rules and consumer protection in the rapidly evolving crypto space.
Coinbase CEO Seeks Clear Crypto Rules
In a recent post on X, Armstrong shared his optimism about bipartisan momentum in the U.S. Senate. The particular event he highlighted is the passage by the House of Representatives of the Financial Innovation and Technology for the 21st Century Act (FIT21).
“I have met with more than a dozen Democratic and Republican Senators in Washington over the past 48 hours to discuss creating clear rules for the cryptocurrency industry and consumer protections for cryptocurrency users,” Armstrong wrote. Furthermore, he highlighted the growing bipartisan support for cryptocurrencies.
The Coinbase CEO said, “There is strong bipartisan momentum to get this done in the Senate now that FIT21 has passed the House.” THE FIT21 The law represents a fundamental step towards creating a regulated framework for cryptocurrencies.
Earlier, when the House passed the bill with 71 Democrats voting in favor, Armstrong hailed it as a “historic vote.” He believes this legislation will bring much-needed clarity and protection for consumers if it becomes law.
Furthermore, Armstrong stressed that American citizens are eager for their representatives to defend their rights to use cryptocurrencies. Furthermore, she highlighted calls for the implementation of clear regulatory guidelines to prevent abuse by activists targeting the sector.
Armstrong also highlighted the role of Stand With Crypto, a cryptocurrency advocacy group founded by Coinbase, in advocating for sensible regulations. According to him, the House vote is a rebuke to efforts to weaken cryptographic technology. Furthermore, he expressed confidence that the voters of these cryptocurrencies will remember this result during the next elections.
Read also: Joe Biden faces backlash for accepting Bitcoin and cryptocurrency donations
The Biden administration’s shift in crypto stance
In a noteworthy change, the Biden administration is reportedly in discussions with cryptocurrency industry stakeholders about accepting cryptocurrency donations via Coinbase Commerce. This platform, which supports multiple cryptocurrencies, is already used by the pro-crypto candidate Donald Trump
for digital contributions.
Furthermore, the Coinbase CEO’s efforts towards clear crypto rules could also be recognized in the context of this change in stance. Recently, sources close to the Biden campaign revealed that these discussions are part of a larger strategy to woo cryptocurrency-focused voters ahead of a hotly contested election.
An anonymous source explained: “They are paying attention to cryptocurrency issues and trying to get quick results to show that they support the industry.” This change comes in the wake of backlash against the administration for blocking a bipartisan effort to repeal SAB 121.
The Biden campaign has faced criticism for its previous stance on cryptocurrencies, but is now strategically engaging with the crypto community. Cryptocurrency-backed super PACs, which hold a $100 million war chest according to Open Secrets data cited by Public Citizen, are gaining influence in politics. While discussions on cryptocurrency donations via Coinbase are in the “explanatory” phase.
Read also: Coinbase: US Cryptocurrency Developers Lose Market Dominance Despite Corporate Demand