Coinbase CEO to meet with Democrats on digital economy legislation | Crypto

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Brian Armstrong’s meeting with lawmakers comes as major crypto players face regulatory and regulatory challenges.

Coinbase CEO Brian Armstrong will meet privately with Democrats in the United States House of Representatives and plans to discuss the future of digital currency legislation.

Wednesday’s meeting comes as Coinbase and Binance – two of the world’s largest cryptocurrencies – are dealing with cases brought by the US Securities and Exchange Commission (SEC) for failing to register their services with the agency.

At the meeting, Armstrong will also touch on related issues, such as taxation, national security, privacy and the climate, a spokesman for the New Democrat Coalition said in an email.

Coinbase did not immediately respond to a request for comment outside business hours from Reuters.

If the SEC’s lawsuits are successful, it could change the crypto market by confirming that the SEC has power over companies that, for years, have argued that tokens do not constitute securities and should not be regulated by the commission.

Both Coinbase and Binance deny the SEC’s allegations and have vowed to vigorously defend themselves in court.

Armstrong is an outspoken critic of the SEC who has called SEC Chairman Gary Gensler an “outsider” among policymakers in Washington, DC.

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