Coinbase CEO Brian Armstrong held a meeting with members of the Democratic Party in the US House of Representatives on Wednesday. The meeting is expected to address the future of legislation related to digital assets, in light of the legal issues facing Coinbase and Binance in the United States. Both companies have faced lawsuits from the Securities and Exchange Commission (SEC) for allegedly failing to register their operations with the regulatory body.
The meeting is also expected to cover issues such as taxation, national security, privacy, and climate change. It is worth noting that Coinbase and Binance have denied the allegations and have pledged to defend themselves in court. Armstrong has been critical of the SEC, describing the agency’s chairman as a “strange person” among decision-makers in Washington.
If the SEC’s lawsuits are successful, it could lead to a transformation in the cryptocurrency market by affirming the agency’s jurisdiction in regulating this industry, which has been a subject of lengthy debate regarding whether cryptocurrencies should be considered securities or not.
