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Coinbase (COIN) CEO Brian Armstrong is set to engage in a confidential meeting with Democratic representatives from the House of Representatives in Congress on Wednesday morning. This development comes amidst a legal battle between the prominent cryptocurrency exchange and the U.S. Securities and Exchange Commission (SEC), as revealed by Democratic aides who are knowledgeable about the plans, as reported by Bloomberg on Monday.
The exclusive gathering is scheduled with participants from the New Democrat Coalition, a caucus comprising more than 100 Democrats who advocate for pro-economic growth, pro-innovation, and fiscally responsible policies, as stated on the group's website.
According to the report, the upcoming meeting will focus on "digital-asset legislation and related issues including tax, national security, privacy and climate,". In recent times, legislators from both the House and Senate have proposed distinct bills aiming to bring transparency to cryptocurrency regulations. However, due to the divided nature of Congress, it remains uncertain whether these endeavors will yield positive outcomes.
Coinbase was charged by the SEC on June 6 for violating federal securities law. In response, Coinbase stated that the SEC's actions infringed upon due process and amounted to an unjustified abuse of discretion. Following a court ruling that deemed Ripple's XRP token as not being a security, Coinbase shares experienced a significant increase of over 24% on Thursday. This victory for Ripple, and by extension, the cryptocurrency industry, contributed to the positive market response.
Coinbase and the New Democratic Coalition did not promptly provide a response to a comment request in the early hours of Tuesday morning, prior to the commencement of U.S. office hours.
