Brian Armstrong, CEO of Coinbase crypto exchange, is seeking to meet with US policymakers. The agenda for Armstrong’s meeting with the Democrats revolved around a preliminary discussion on the future of the digital asset sector in the US. Valued at $1.2 trillion (roughly Rs. 98,47,344 crores) as of Tuesday, July 18, the crypto sector remains largely unregulated worldwide and is notorious for its volatile nature that poses financial risks to its investor community.
Armstrong is expected to address topics such as the current industrial climate around crypto in the US, along with concerns about crypto taxes, privacy and data collection, at their meeting. aljazeera report citing an unnamed New Democrat coalition spokesman. The date of this meeting has not been disclosed.
development comes later coinbase The dispute has been going on with the US Securities and Exchange Commission (SEC) since the beginning of this year. The SEC alleged that the exchange colluded with its competitor. binancehad failed to disclose and register its entire operational portfolio with the federal agency.
On the other hand, crypto exchange It has argued that crypto tokens are not securities and therefore should not come under the supervision of the SEC.
since america has no concrete manual In order to control the crypto sector, web3 industry players as well as community members often face legal and financial troubles, which hinders the growth of the overall sector.
Last month, Republican Representative Patrick McHenry, chairman of the House Financial Services Committee Said In the coming weeks, he intends to hold a committee vote on a comprehensive bill related to regulating the cryptocurrency sector.
Meanwhile, the crypto sector has received skepticism from senior members in the US Senate including Senators Sherrod Brown and Elizabeth Warren.
By February 2023, a coinbase report It is estimated that 20 percent of US residents, which total a population of about 50 million, own cryptocurrencies. For most Americans, interest in cryptocurrencies is growing as they perceive the global financial system to unfairly favor the interests of the powerful.