The head of the largest US-based crypto exchange by trading volume is meeting with politicians to discuss an agenda for crypto.
Coinbase CEO Brian Armstrong is meeting with House Democrats to discuss crypto in relation to national security, climate and taxation, according to a new Bloomberg report.
Armstrong will be private with the New Democratic Coalition, a Democratic policy think tank, on Wednesday to discuss the issues as Coinbase continues to face a lawsuit from the U.S. Securities and Exchanges Commission (SEC) alleging that the exchange acted as a stockbroker without the proper license.
According to the report, there is currently confusion in the industry about which regulator should oversee crypto – the SEC or the Commodity Futures Trading Commission (CFTC).
According to Armstrong,
“This is why the US Congress is introducing new legislation to resolve the situation.”
Yesterday, a New York federal judge said the SEC could have given Coinbase a warning that it would violate securities laws before approving its application to go public.
However, SEC attorney Peter Mancuso says the bureau’s approval of Coinbase’s S-1 filing to conduct an initial public offering (IPO) does not mean the committee has ever given its stamp of approval to the entire company of the crypto exchange.
“Just because the SEC allows a company to go public does not mean that the SEC is blessing the underlying company or corporate structure or saying that the underlying corporate structure does not violate the law.
No evidence is being brought forward that the SEC looked at specific assets and made specific determinations and then gave Coinbase solace that this would not be a security later on.
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