Coinbase CEO Brian Armstrong to Meet Privately with New Democrat Coalition Members in Congress Amid SEC Legal Battle

Coinbase CEO Brian Armstrong to Meet Privately with New Democrat Coalition Members in Congress Amid SEC Legal Battle

Coinbase CEO Brian Armstrong is scheduled to hold a closed-door meeting with members of the New Democrat Coalition in the U.S. Congress on Wednesday morning. This meeting comes amidst the backdrop of a legal dispute between the crypto exchange Coinbase and the U.S. Securities and Exchange Commission (SEC), as reported by Bloomberg on Monday, citing insights from Democratic aides familiar with the arrangements.

The New Democrat Coalition, a caucus comprising more than a hundred Democrats, identifies itself as committed to promoting economic growth, innovation, and fiscally responsible policies, as stated on their official website.

The primary focus of the meeting will revolve around discussions on “digital-asset legislation and related issues including tax, national security, privacy, and climate,” according to the report. Lately, lawmakers from both the House and Senate have introduced separate bills in an attempt to bring greater clarity to the regulation of cryptocurrencies. However, given the current state of a divided Congress, it remains uncertain whether these efforts will yield substantive results.

On June 6, the SEC charged Coinbase with violating federal securities law. In response, Coinbase argued that the SEC’s actions infringe upon due process and constitute an abuse of discretion. Notably, following a court’s ruling in favor of Ripple, and by extension, the crypto industry, with regards to the XRP token not being classified as a security, Coinbase shares saw a significant surge of over 24% on Thursday.

As of early Tuesday morning before U.S. office hours, both Coinbase and the New Democratic Coalition have not provided an immediate response to requests for comments on the matter.