Regulation
Coinbase CEO Rallies Efforts For Clear Crypto Rules, Meets Dem & GOP Senators
Coinbase CEO Brian Armstrong has been actively lobbying in Washington, D.C., to promote the establishment of clear regulations for the crypto industry. Over the past 48 hours, Armstrong met with more than a dozen Democratic and Republican Senators. Moreover, 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 the bipartisan momentum in the U.S. Senate. The particular event he highlighted is the House of Representatives’ passage of the Financial Innovation and Technology for the 21st Century Act (FIT21).
“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,” Armstrong wrote. In addition, he emphasized the growing bipartisan support for crypto.
The Coinbase CEO stated, “There’s strong bi-partisan momentum to get this done in the Senate now that FIT21 has passed in the House.” The FIT21 Act represents a pivotal step toward establishing a regulated framework for cryptocurrencies.
Earlier, when the House approved 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.
Additionally, Armstrong pointed out that American citizens are eager for their representatives to defend their rights to use cryptocurrencies. Moreover, he spotlighted calls for the implementation of clear regulatory guidelines to prevent misuse by activists targeting the industry.
Armstrong also underscored the role of Stand With Crypto, a crypto advocacy group founded by Coinbase, in advocating for sensible regulations. According to him, the House vote is a rebuke to efforts aimed at undermining crypto technology. Moreover, he expressed confidence that this crypto voters will remember this outcome during the upcoming elections.
Also Read: Joe Biden Faces Backlash For Accepting Bitcoin And Crypto Donations
Biden Administration’s Shift In Crypto Stance
In a notable shift, the Biden administration is reportedly in discussions with crypto industry stakeholders about accepting cryptocurrency donations through Coinbase Commerce. This platform, which supports multiple cryptocurrencies, is already used by the pro-crypto candidate Donald Trump‘s campaign for digital contributions.
Furthermore, the Coinbase CEO’s efforts toward clear crypto rules might also be recognized amid the shift in stance. Recently, sources familiar with the Biden campaign revealed that these discussions are part of a broader strategy to court crypto-focused voters in anticipation of a tightly contested election.
An anonymous source explained, “They’re paying attention to issues around crypto and are trying to find quick wins to show that they’re supportive of 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 engaging strategically with the crypto community. Crypto-backed super PACs, reportedly holding a $100 million war chest according to Open Secrets data cited by Public Citizen, are gaining influence in politics. Whilst, the discussions around crypto donations via Coinbase is in the “explanatory” phase.
Also Read: Coinbase: US Crypto Developers Losing Market Dominance Despite Corporate Demand
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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