Coinbase CEO Brian Armstrong Celebrates House Victory for Clear Crypto Regulation

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As a long-term crypto investor with a background in technology and finance, I’m thrilled to see the House of Representatives pass the Financial Innovation and Technology for the 21st Century Act (FIT21). This is a significant milestone that could pave the way for clearer regulations for the cryptocurrency industry.

The Financial Innovation and Technology for the 21st Century Act (FIT21) has been approved by the House of Representatives, signaling a major advancement in cryptocurrency regulation. Coinbase CEO Brian Armstrong celebrated this development, stressing the need for clear-cut and rational crypto guidelines. With 71 Democrats casting their votes in favor, the legislation now moves on to the Senate for consideration.

Brian Armstrong Celebrates Historic FIT21 House Vote

According to Armstrong, the House’s approval of FIT21 marks a significant milestone. He is convinced that if passed into law, it will set definitive guidelines for overseeing cryptocurrencies. Armstrong emphasized the importance of this legislation from an American perspective, as they desire their elected officials to safeguard their freedom to use crypto. Furthermore, consumers are looking for clear regulations to shield them from potential risks and to prevent unscrupulous individuals from exploiting ambiguity to illegally target the industry.

 

Brian Armstrong emphasized the significance of Stand With Crypto, a crypto advocacy organization founded by Coinbase, which strives for reasonable regulations in the cryptocurrency sector. The House’s approval of this bill signifies a refusal to weaken crypto technology, as perceived by Armstrong. He is optimistic that this outcome will be remembered by voters.

 

Moving on from the House, FIT21 now faces the Senate for further discussion. But bear in mind, the Biden administration has expressed its disapproval of this bill. They believe that it fails to provide sufficient safeguards for investors and consumers in the digital asset sector. This objection might complicate matters during the Senate’s deliberation process.

 

As a crypto investor, I recognize that the White House has declared they won’t threaten a veto if FIT21 gets approved by the House. This stance opens up possibilities for negotiation and compromise as the legislation advances. However, the Senate’s verdict holds significant weight in shaping the future of cryptocurrency regulations within the US.

Coinbase Pushes for Clear Crypto Regulations

In June 2023, the Securities and Exchange Commission (SEC) filed a lawsuit against Coinbase, accusing the cryptocurrency exchange of breaking securities laws. Thirteen digital assets, such as Solana and Cardano, were identified in the lawsuit as securities. The SEC had previously sent a Wells notice to Coinbase in March of the same year.

As a dedicated crypto investor, I’ve consistently advocated for clearer rules when it comes to digital asset regulation. In March 2024, I found myself in the unusual position of asking an appeals court to urge the SEC to establish a solid regulatory framework for cryptocurrencies. I believed that the SEC’s reluctance to make rules went against the Administrative Procedures Act. The recent approval of FIT21 by the House is in line with my long-held belief in the need for regulatory clarity within the crypto space.

Despite the bill’s approval, not every lawmaker expresses support for it. For instance, US House Ranking Member Maxine Waters has spoken out against the bill, arguing that it may fall short of its intended purpose and could potentially introduce substantial loopholes. Likewise, other Democratic legislators have raised similar concerns regarding investor protection.

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2024-05-23 02:39