Tomorrow, a closed-door meeting is set to take place between Brian Armstrong, the CEO of Coinbase, one of the largest US-based crypto platforms, and House Democrats. The primary agenda for this meeting, organized by the New Democrat Coalition, is predicted to be cryptocurrency regulations. Key subjects likely to be highlighted comprise taxation, national security, privacy concerns, and climatic shifts, as surfaced by Bloomberg based on certain Democratic aides’ accounts.
< a href=/?s=Coinbase>Coinbase has been a strong proponent for increased transparency in cryptocurrency regulations. The platform had submitted a petition in July last year requesting the Securities and Exchange Commission (SEC) provide clear instructions on how securities laws apply to cryptocurrencies, and also pushed for a formal process to allow public opinion.
More recently, Coinbase has challenged the SEC through a lawsuit that accuses the latter of abstaining from attending their rule-making petition, while concurrently intiating enforcement action against the firm for allegedly listing unregulated securities. These claims, however, have been categorically denied by Coinbase, who also sought dismissal of the SEC lawsuit.
The latest installment in this tumultous saga reveals that the SEC asserts Coinbase was aware of possible security breaches when it listed select cryptocurrencies. This is contradictory to Coinbase‘s previous allegations asserting lack of clarity from the SEC that prevented them from becoming a compliant trading platform.
Despite these contentious episodes, Coinbase‘s shares have been projected on an upward trajectory recently. This has been accredited to promising news about the exchange being listed as a surveillance-sharing partner for certain Bitcoin ETF applicants in the US like BlackRock and Fidelity. Another major boost originated when a US court ruled in favor of Ripple in an ongoing XRP lawsuit, providing a level of legitimacy to the act of selling XRP on exchange platforms.
The ongoing tussle between regulation and innovation remains a compelling narrative in the world of cryptocurrencies. There’s some hint of optimism in the air with Coinbase‘s shares rallying, and the seemingly minor win for Ripple. As Armstrong gets ready to advocate for clearer cryptocurrency legislation, the crypto world is holding its collective breath, hoping for a positive outcome from tomorrow’s meeting.
Source: Cryptonews
