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US Congressman Joins Coinbase Global Advisory as Blockchain Act Clears Congress –
Former Congressman Kendrick Meek has joined Coinbase’s Global Advisory Council. In this article, we learn how this council intends to address cryptocurrency legislation.
Without any relief on May 12, Coinbase added several new members to its Global Advisor Council, including former Florida Congressman Kendrick Meek.
This council aims to navigate cryptocurrency legislation with a team of former legislators and industry professionals.
The announcement is key as the House debates the Financial Technology and Innovation for the 21st Century (FIT21) Act and celebrate the passing the bipartisan Blockchains Act of 2023, supported by a landslide, promoting US competitiveness in blockchain technology.
“The bill directs the Secretary of Commerce to take necessary and appropriate actions to promote United States competitiveness in blockchain technology,” outlined in the legislation.
What a DAY for cryptocurrencies in America
– ETH ETF approval odds skyrocket as SEC returns comments and requests updated filings from issuers
– The presidency of the FDIC is eliminated
– SAB 121 repealed with bipartisan support (Biden can still veto)
– Congressional vote on FIT 121 this week— Meltem Demirors (@Melt_Dem) May 21, 2024
Coinbase’s new Justice League fights for cryptocurrencies
Joining Meek on the board are other members of Congress including former Senator Patrick Toomey and former Representatives Tim Ryan and Sean Patrick Maloney.
I’m here to guide Coinbase on policy issues, just as the exchange runs afoul of the Securities and Exchange Commission (SEC) following a March Wells warning. This has prompted the exchange to seek clarity regarding the SEC’s stance on digital assets.
“We chose to build in America because we want to be part of the solution and believe America would be best served by embracing the potential of crypto and blockchain technology,” Coinbase said in the May 12 blog post.
Coinbase is actively involved in the 2024 election season through its Stand With Crypto initiative. This campaign aims to mobilize US voters support legislators favorable to the cryptocurrency sector.
By establishing the Global Advisory Council and including leading figures like Kendrick Meek, Coinbase is positioning itself to better overcome regulatory hurdles and advocate for clearer, more supportive crypto policies.
“Meek’s extensive legislative experience and commitment to innovation make him an invaluable addition to our board,” Shirzad added.
US House Passes Pro-Cryptocurrency Bill Pending Broader Legislation
As the cryptocurrency world and Coinbase watch the House debate the FIT21 Act, a more modest but impactful bill has quietly made its way through the legislative process.
The American fielder Blockchain Law of 2023 it received overwhelming support in the House, passing by a vote of 334 to 79.
Aimed at making the United States a blockchain powerhouse, this bipartisan bill puts the Secretary of Commerce, currently Gina Raimondo, in charge of leading the industry’s growth.
Representatives Lisa Blunt Rochester and Larry Bucshon, new to blockchain and cryptocurrency issues, introduced the bill.
“The bill aims to establish the United States as a leader in blockchain technology by ensuring a coordinated effort across various sectors,” one of the supporters said.
Congress is knee-deep in 50 crypto bills, a clear sign that blockchain and digital assets are becoming economic heavyweights.
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Disclaimer: Cryptocurrencies are a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.