Ripple ruling and crypto ETFs ‘drove a lot of urgency’ among lawmakers, reportedly says Coinbase CEO

Coinbase CEO Brian Armstrong has reportedly said United States lawmakers person a renewed absorption connected regulatory clarity successful the crypto abstraction pursuing talks with cardinal officials.

According to a July 24 Axios report, Armstrong met with U.S. lawmakers connected July 20 up of discussions and votes connected pieces of authorities aimed astatine providing regulatory clarity connected integer assets. The Coinbase CEO reportedly said the Securities and Exchange Commission’s suit against Ripple — successful which a tribunal said XRP (XRP) largely did not suffice arsenic a security — “drove a batch of urgency” among members of Congress.

“Rep. Patrick McHenry is precise overmuch committed to getting legislation,” said Armstrong. “Maxine Waters is looking astatine it deeply, arsenic acold arsenic I tin tell. [...] I deliberation the Ripple lawsuit drove a batch of urgency. Same with these bitcoin ETF filings that we’ve been seeing precocious from Blackrock, Fidelity, and large fiscal services firms.”

There are respective draught bills connected crypto and blockchain presently being discussed successful the House of Representatives and Senate, including the Financial Innovation and Technology for the 21st Century Act, Responsible Financial Innovation Act, Digital Asset Anti-Money Laundering Act, and Digital Asset Market Structure bill. According to Armstrong, the SEC. v. Ripple ruling was creating “optimism that shouldn’t beryllium underestimated,” pushing lawmakers to see a legislative way guardant alternatively than relying connected tribunal decisions.

Related: Coinbase vs SEC tribunal dates confirmed for archetypal lawsuit arguments

Coinbase faces its ain suit from the SEC, which charged the crypto exchange for alleged violations of securities laws successful June pursuing a March Wells notice. Many Coinbase executives person publically pushed backmost against the allegations and claimed the committee was operating connected a “regulation by enforcement” attack to crypto.

In May, Coinbase announced that it planned to signifier a July 19 “Stand for Crypto Day” successful Washington, DC — seemingly a rally oregon protestation aimed astatine persuading members of Congress to enactment crypto-friendly policies. Though Armstrong was successful the nation’s superior metropolis astatine astir the aforesaid time, the deficiency of related enactment connected Coinbase’s societal media channels suggested the lawsuit whitethorn not person occurred, oregon was a antithetic attack than had been hinted.

Collect this nonfiction arsenic an NFT to sphere this infinitesimal successful past and amusement your enactment for autarkic journalism successful the crypto space.

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