According to a report by Bloomberg, the CEO of the major cryptocurrency exchange Coinbase, Brian Armstrong, will meet with Democrats from the US House of Representatives behind closed doors following the legal battle between the crypto exchange and the US Securities and Exchange Commission (SEC).
Meeting to Take Place on July 19
According to the website of the Democratic group, the meeting scheduled for the morning of July 19 will be held with members of the New Democrat Coalition, a group of over 100 Democrats who are committed to pro-economic growth, pro-innovation, and fiscally responsible policies.
Bloomberg stated that the meeting, which will be attended by Coinbase CEO Brian Armstrong, will focus on cryptocurrency regulations and related issues such as taxation, national security, privacy, and climate change.
Recently, members of the US House of Representatives and Senate have introduced multiple different bills in an effort to bring clarity to cryptocurrency regulations. The fact that Congress is divided on this issue creates uncertainty about the outcome of these efforts.
SEC filed a lawsuit against Binance, Binance’s US branch Binance.US, and CEO Changpeng Zhao on June 5, and on June 6, it sued Coinbase for violating federal securities laws. Coinbase responded by stating that the SEC’s action violated the law and abused its discretionary power.
Coinbase Shares Continue to Rise
Shares of Coinbase (COIN) rose by over 24% following a US court ruling that Ripple‘s programmatic sales of XRP were not securities sales, which was seen as a partial victory for Ripple and the cryptocurrency market in the lawsuit filed by the SEC. Despite the weakened position of the SEC, experts believe that the US regulatory agency will somehow hold Coinbase accountable.
Closing at $105.12 on July 17, COIN had dropped to $32.53 on December 28, 2022, reaching its all-time low.
