Following the lawsuits against Binance from the SEC, the exchange and its CEO have filed a motion of dismissal.
The CEO of leading crypto exchange Coinbase, Brian Armstrong, is allegedly set to meet with members of Congress. The CEO is planning to discuss digital asset and cryptocurrency legislation and related regulation with Congress members.
According to a report from Bloomberg, Armstrong has a meeting with the House Democrats behind closed doors on Wednesday 19th July. The group, also known as the New Democrat Coalition, consists of around one hundred Democrats. The meeting will be held in the House of Representatives to discuss initiating and implementing “innovative, inclusive, and forward-looking policies.”
With the lawmakers, Armstrong will be discussing cryptocurrency legislation and how the technology, blockchain-based assets, and digital currencies might impact national security as well as privacy and the environment. The meeting comes around the same time as different proposals in the House and Senate to create legislation in the cryptocurrency space. Earlier this month, Senators Cynthia Lummis and Kirsten Gillibrand set to build infrastructure for the regulation of digital currencies. At the same time, lawmakers on House Financial Services Committee are working on a draft bill for cryptocurrency market structures.
Coinbase and crypto regulation
Currently, Coinbase is locked in a legal dispute with the United States Securities and Exchange Commission (SEC). This comes as part of a major push from the SEC to target exchanges offering unregistered securities, with certain crypto assets being defined as securities bu the financial authority. The SEC has also opened cases against Binance over securities issues.
Coinbase stands as one of the leading cryptocurrency exchanges both in the United States and at a global level. As the head of the exchange, Armstrong is positioned as an industry leader. The CEO has previously reached out to lawmakers in the US to work out cryptocurrency legislation where the market can thrive while investors can be protected.