Regulation
Coinbase CEO Rallies Efforts for Clear Crypto Rules, Meets with Democratic and Republican Senators
CEO of Coinbase Brian Armstrong has actively lobbied in Washington, DC, to promote the establishment of clear regulations for the crypto industry. Over the past 48 hours, Armstrong has met with more than a dozen Democratic and Republican senators. Additionally, he discussed the need for definitive rules and consumer protections in the rapidly evolving crypto space.
Coinbase CEO Seeks Clear Crypto Rules
In a recent article on X, Armstrong shared his optimism about the bipartisan dynamic in the U.S. Senate. The particular event he highlighted was the House of Representatives’ passage of the Financial Innovation and Technology for the 21st Century Act (FIT21).
“I met with more than a dozen Democratic and Republican senators in Washington over the past 48 hours to discuss creating clear rules for the crypto industry and consumer protections for crypto users” , Armstrong wrote. Additionally, he highlighted the growing bipartisan support for crypto.
The Coinbase CEO said: “There is strong bipartisan momentum to get this done in the Senate now that FIT21 has passed the House. ” THE FIT21 Act represents a crucial step towards establishing a regulated framework for cryptocurrencies.
Earlier, when the House approved the bill with 71 Democrats voting for it, Armstrong hailed it as a “historic vote.” He believes this legislation will provide much-needed clarity and protection to consumers if it becomes law.
Additionally, Armstrong emphasized that American citizens are eager for their representatives to defend their rights to use cryptocurrencies. Additionally, he highlighted calls for the implementation of clear regulatory guidelines to prevent misuse by activists targeting the industry.
Armstrong also highlighted the role of Stand With Crypto, a cryptocurrency advocacy group founded by Coinbase, in promoting sensible regulations. He said the House vote is a rebuke to efforts to undermine crypto technology. Additionally, he expressed confidence that crypto voters will remember this result in the next election.
Read also: Joe Biden faces backlash for accepting Bitcoin and crypto donations
The Biden administration’s shift in crypto stance
In a notable change, the Biden administration is reportedly in discussions with crypto industry stakeholders about accepting cryptocurrency donations through Coinbase Commerce. This platform, which supports several cryptocurrencies, is already used by the pro-crypto candidate Donald Trump
of the campaign for digital contributions.
Additionally, the Coinbase CEO’s efforts towards clear crypto rules could also be recognized as part of the change in stance. Recently, sources close to the Biden campaign revealed that these discussions were part of a broader strategy to court crypto-focused voters ahead of a hotly contested election.
An anonymous source explained: “They are paying attention to crypto issues and trying to find quick wins to show they support the industry. » This change follows a backlash against the administration for blocking a bipartisan effort to repeal SAB 121.
The Biden campaign has been criticized for its previous stance on cryptocurrencies, but is now engaging strategically with the crypto community. Crypto-backed super PACs, which reportedly hold a $100 million war chest according to Open Secrets data cited by Public Citizen, are gaining influence in politics. While discussions around crypto donations via Coinbase are in the “explanatory” phase.
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