Coinbase CEO Brian Armstrong met with U.S. lawmakers July 20 ahead of votes on legislation to clarify digital asset regulations. He states that he noticed during this conversation a certain form of urgency among politicians to clarify the regulations. An urgency caused by the Ripple affair, but also by the demand from traditional finance heavyweights, such as Blackrock, for the introduction of bitcoin ETFs.
Legislative work well underway
Has the USA finally realized that a clarification of the legislation on cryptos was necessary? Currently, several crypto and blockchain bills are under discussion in the House of Representatives and the Senate. These legislative proposals include the law on Financial Innovation and Technology for the 21st Century, Responsible Financial Innovation Act, Digital Assets Anti-Money Laundering Act, and Digital Assets Market Structure Bill. These initiatives reflect the increasing attention paid by lawmakers to issues related to new financial technologies and the regulation of digital assets.
Ripple’s victory against the SEC: a wake-up call?
It is within the framework of a consultation of experts in the sector to finalize the texts that Congressman Patrick McHenry and California Federal Representative Maxine Waters met with Coinbase CEO.
For the latter, Ripple’s victory against the SEC has made it clear to US authorities that it it was better to rely on new legislation than on court decisions, especially if they are unfavorable to the American state. “Patrick McHenry is very determined to get legislation,” Armstrong said. “Maxine Waters takes a deep dive into it, as far as I can tell. I think the Ripple case has generated a lot of urgency. Same with those bitcoin ETF filings we’ve seen recently from Blackrock, Fidelity, and big financial services companies.”
Coinbase’s softened lobbying
It should be recalled that Coinbase is also entangled in a similar lawsuit with the SEC. A trial which will begin on August 4 and end at the end of October. That’s why the company had planned to organize a “Stand for Crypto Day” on July 19. That is to say a rally in front of congress in Washington of crypto-lovers asking for clearer legislation in the US Congress.
According to social networks and current events, the rally does not seem to have taken place. It should indeed be recalled that analysts from JP Morgan affirmed that the court decision regarding Ripple was going to benefit especially Coinbasewith the SEC charges being similar in both cases. The conclusion? Brian Armstrong also seems to believe more in legislative progress than in the balance of power, he who sees in the SEC vs. Ripple judgment an “end of the crypto winter”.
It seems that all crypto stakeholders and their regulation are gradually getting up to speed in the USA. But as we have witnessed many twists and turns, we must remain cautious. Following the next number.
Sources: Cointelegraph, Investing, Cryptonewsbtc