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Brian Armstrong, the Chief Executive Officer of the leading cryptocurrency exchange Coinbase, recently confirmed a shift in the regulatory focus of US lawmakers. The intensifying interest towards the crypto industry appears to have stemmed from Armstrong's recent dialogues with crucial US officials.
On July 20, Armstrong reportedly had a series of meetings with American legislators ahead of voting sessions and debates on proposed laws centered on regulating digital assets. An Axios report published on July 24 highlights these discussions.
One significant catalyst of this urgency among Congress members seems to be the lawsuit by the Securities and Exchange Commission (SEC) against Ripple. Notably, the court ruled that Ripple's XRP largely does not fit the security label. As Armstrong suggests, this litigation has driven congressional urgency, including developments like Bitcoin ETF filings from Blackrock and other large financial firms.
The Coinbase head mentioned prominent lawmakers like Rep. Patrick McHenry and Maxine Waters, both deeply committed to passing crypto-oriented legislation. Multiple draft bills addressing crypto and blockchain matters are currently under examination in both chambers of the US Congress.
These include the the Digital Asset Anti-Money Laundering Act, the Responsible Financial Innovation Act, the Financial Innovation and Technology for the 21st Century Act, and the Digital Asset Market Structure bill.
According to Armstrong, the court's verdict in the SEC vs. Ripple case has instilled optimism, urging lawmakers to seek legislative solutions instead of depending on court rulings for regulatory clarity.
However, Coinbase is not exempt from SEC's scrutiny. The exchange itself is currently embroiled in a lawsuit filed by the SEC in June, accusing Coinbase of alleged securities laws violations. In response, several Coinbase executives have defended their stance and accused the SEC of enforcing regulations haphazardly.
In May, Coinbase proposed a "Stand for Crypto Day" to be held in Washington, DC, on July 19. Aimed at rallying Congressional support for crypto-friendly policies, the event seems to have flown under the radar, with no related activity reported on Coinbase's social media.
US lawmakers are exhibiting a renewed focus on creating clear regulations for the burgeoning crypto sector, motivated in part by the high-profile lawsuit between the SEC and Ripple.
