Coinbase CEO Brian Armstrong has revealed that Representatives Maxine Waters and Patrick McHenry are actively considering a legislative approach to regulate digital assets. Following discussions with key officials, it appears that U.S. lawmakers are now more focused on providing regulatory clarity in the cryptocurrency space.
As per a report by Axios on July 24, Armstrong had meetings with U.S. lawmakers on July 20, just before important talks and votes on various legislative pieces targeted at bringing clarity to the regulation of digital assets. The recent court ruling on the SEC’s lawsuit against Ripple, which determined that XRP largely did not qualify as a security, seemed to have driven a sense of urgency among Congress members.
Armstrong stated, “Rep. Patrick McHenry is very much committed to getting legislation,” and noted that Maxine Waters is deeply exploring the matter. He attributed the increased urgency to the Ripple case as well as recent bitcoin ETF filings from major financial firms like Blackrock and Fidelity.
Presently, there are several draft bills related to crypto and blockchain under discussion in both the House of Representatives and Senate. These include acts such as the Financial Innovation and Technology for the 21st Century Act, Responsible Financial Innovation Act, Digital Asset Anti-Money Laundering Act, and Digital Asset Market Structure bill. The recent SEC vs. Ripple ruling has provided optimism among lawmakers, leading them to consider a legislative path rather than relying solely on court decisions.
It is worth noting that Coinbase itself is facing a lawsuit from the SEC, accusing the crypto exchange of violating securities laws. The company’s executives have publicly disputed the allegations and accused the commission of adopting a “regulation by enforcement” approach to cryptocurrency.
Earlier, Coinbase had announced plans to organize a “Stand for Crypto Day” on July 19 in Washington, DC, with the intention of rallying support for crypto-friendly policies among Congress members. However, there was no visible activity related to the event on Coinbase’s social media channels, leading to speculation about whether it took place or if a different approach was adopted.