The Coinbase CEO remained optimistic about the growing bipartisan momentum in the U.S. Senate to address this issue.
By Temitope Olatunji
Edited by Julia Sakovich
Updated
3 mins read
Coinbase CEO Brian Armstrong has revealed that he has been meeting with lawmakers in Washington, D.C., over the past 48 hours, discussing with more than a dozen Democratic and Republican senators. Armstrong, who has always been very vocal about the need for clarity within the crypto space, wrote on his X page that the focus of these meetings is to emphasize the need to formulate clear rules for the crypto industry and establish consumer protection measures for crypto users.
I met with more than a dozen Dem and GOP Senators in DC over the last 48 hrs to discuss creating clear rules for the crypto industry and consumer protection for crypto users. There’s strong bi-partisan momentum to get this done in the Senate now that FIT21 has passed in the… pic.twitter.com/KWVylw1kDL
— Brian Armstrong (@brian_armstrong) June 12, 2024
The Coinbase CEO remained optimistic about the growing bipartisan momentum in the US Senate to address this issue, linking it to the recent passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) in the House of Representatives as a pivotal step. He stated:
“There’s strong bi-partisan momentum to get this done in the Senate now that FIT21 has passed in the House. Glad to see the voice of the crypto voter having an impact.”
The Coinbase co-founder hailed the House when the FIT21 bill was passed. He believed that if the bill became law, it would bring much-needed clarity and safety for consumers in the crypto space. Armstrong also pointed out the efforts of crypto voters, and he’s excited to see that their voices are already having an impact.
Members of the crypto community have hailed his movement. Seth, a crypto commentator with over fifty thousand users on X, commented on the post, asking if a lobby group for the crypto industry can begin in Washington.
Brian Armstrong’s movement is a part of Coinbase’s fight for clear regulations. Recall that Coinbase launched the ‘Stand With Crypto’ movement, an alliance that focused on bringing the crypto community together to ensure the voices of crypto users are heard and their interests are protected. Recently, the protest group announced on its X page that its members have reached up to 1 million sign-ups.
The exchange’s operations have also been affected by unclear regulations in the crypto space. It has been sued by the SEC a couple of times for various reasons, one of the most popular being operating unregistered securities, an allegation the company denied.
The US-based exchange has also filed a suit against the SEC through its Chief Legal Officer, Paul Grewal, stating that the regulator has acted arbitrarily and capriciously by refusing to provide rules to clarify the crypto space. Additionally, the crypto exchange has already told the court to instruct the SEC to write new cryptocurrency rules.
With bipartisan support for this move in the Senate, the crypto community remains hopeful that meaningful progress will be made in establishing clear rules and safeguards for consumers in the near future.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games.
