Coinbase CEO Joins Efforts for Open Crypto Rules, Meets with Dem and GOP Senators
Coinbase CEO Brian Armstrong has been actively lobbying in Washington DC to encourage the creation of clear regulations for the crypto industry. Over the past 48 hours, Armstrong has met with more than a dozen Democratic and Republican Senators. He also discussed the need for firm rules and consumer protection in the rapidly evolving crypto space.
Coinbase CEO Wants Open Crypto Rules
In a recent post on X, Armstrong shared his optimism about bipartisan momentum in the U.S. Senate. The specific event he highlights is the House of Representatives’ passage of the Financial Innovation and Technology for the 21st Century Act (FIT21).
“I have met with over a dozen Democratic and GOP Senators in DC in the last 48 hours to discuss establishing clear rules for the crypto industry and consumer protections for crypto users,” Armstrong wrote. It also underscores the growing bipartisan support for crypto.
“Now that FIT21 has passed the House, there is strong bipartisan momentum to get it done in the Senate,” Coinbase CEO noted. The FIT21 Act represents an important step towards creating a regulated framework for cryptocurrencies.
Earlier, when the House approved the bill with 71 Democrats voting in favor, Armstrong hailed it as a “historic vote.” He believes this bill, if passed, would bring much-needed clarity and protection to consumers.
Additionally, Armstrong noted that representatives of American citizens are eager to defend their rights to use cryptocurrencies. It also noted calls for clear regulatory rules to be implemented to prevent abuse by activists targeting the industry.
Armstrong also highlighted the role of Stand With Crypto, a crypto advocacy group founded by Coinbase, in advocating for sensitive regulations. In his view, the House vote is a rebuke to efforts aimed at undermining crypto technology. He also expressed confidence that crypto voters will remember this outcome during the upcoming elections.
Also Read: joe Biden Faces Backlash for Accepting Bitcoin and Crypto Donations
Biden Administration’s Change in Crypto Stance
In a notable twist, the Biden administration is reportedly talking with crypto industry stakeholders about accepting cryptocurrency donations through Coinbase Commerce. This platform, which supports multiple cryptocurrencies, is currently used by pro-crypto candidate Donald Trump’s digital contribution campaign.
Coinbase CEO’s efforts towards clear crypto rules can also be noticed during the change in stance. Sources familiar with the Biden campaign recently revealed that these discussions are part of a broader strategy to woo crypto-focused voters in anticipation of a tightly contested election.
An anonymous source explained: “They are paying attention to crypto-related issues and trying to find quick wins to show they support the industry.” This change comes after backlash against the administration blocking the bipartisan effort to repeal SAB 121.
The Biden campaign has faced criticism for its previous stance on cryptocurrencies but is now strategically engaging with the crypto community. Crypto-backed super PACs, which reportedly have a $100 million war chest, are gaining influence in politics, according to Open Secrets data cited by Public Citizen. Discussions about crypto donations made through Coinbase are at the “clarification” stage.
Also Read: Coinbase: US Crypto Developers Lose Market Dominance Despite Institutional Demand
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