Regulation
Crypto Push: Coinbase CEO Engages with US Senators for Regulatory Clarity
In a remarkable move for the cryptocurrency industry, Brian Armstrong, crypto supporter and CEO of San Francisco-based exchange Coinbase, has encounter with US senators to advocate for more consistent and clear-headed regulation of digital assets.
This commitment from Armstrong demonstrates that industry leaders are taking the lead in collaborating with lawmakers to create a future in which digital assets can thrive transparently and securely.
Several industry enthusiasts view this step as part of Coinbase’s broader Stand With Crypto campaign, which also aims to protect the interests and unity of the community.
Need for a straightforward regulatory framework
The CEO of Coinbase, Brian Armstrong, The discussions with lawmakers come at a critical time, as the industry seeks clearer legislative frameworks to help increase its acceptance and credibility. He has actively advocated in Washington, DC for the creation of specific laws for the cryptocurrency industry.
Armstrong has spoken with more than a dozen senators, both Republican and Democratic, over the past 48 hours. He also spoke of the need for a clear definition regulations and consumer protection in the ever-changing world of digital currencies.
He also cited the U.S. House of Representatives’ passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) as an important milestone. “There is strong bipartisan momentum to get this done in the Senate now that FIT21 has passed the House,” Armstrong said.
Late last month, the United States House of Representatives passed the pro-crypto FIT21 Act, which represents a significant step forward for the country in creating transparent regulations for the digital asset landscape. A majority of House lawmakers passed the bill. Specifically, approximately 279 members voted in favor of the strategy, while 139 members voted against.
Of the 279 votes, 71 were cast by Democrats, including House Speaker Nancy Pelosi, while Republicans accounted for the remaining 208 votes. Additionally, eight House Democrats signed a memo supporting the Republican-designed initiative to further demonstrate broad bipartisan support for the bill.
So far, the Coinbase The CEO expressed his satisfaction with this bill, which he considers a historic decision that could lead to the establishment of the crucial regulatory framework and investor protection that the digital assets sector needs. “I’m happy to see the voice of the crypto voter having an impact,” he said.
Optimistic outlook for the crypto space
Lately, the cryptocurrency market has seen a surge in positive sentiment due to growing public awareness and adoption by well-known figures like the former US president. Donald Trumpwho declared himself a pro-crypto candidate for the next presidential election.
The former president even went so far as to announce his acceptance of political donations in the form of cryptocurrencies for his campaign through Coinbase Commerce. By accepting digital currencies, the presumptive Republican nominee in this year’s presidential election became the first from a major party to do so.
He also promised to drive innovation and make the United States a leader in the sector, urging supporters of digital assets to vote for him in the upcoming election.
Featured image from YouTube, chart from Tradingview.com