Coinbase CEO has held meetings with US Senators on crypto regulations

Brian Armstrong said the FIT21 legislation has a bipartisan group of supporters in the upper house of Congress

13.06.2024 - 09:35

2 min

What’s new? Brian Armstrong, the head of the leading US centralized crypto exchange (CEX) Coinbase, has revealed that he had talks with senior officials on the issue of regulating the sector. Thus, over the past two days, he met with several senators from both the Democratic and Republican parties and discussed with them the creation of clear rules for the crypto industry, and investor protection.

Source: x.com

What else is known? Armstrong recalled that in May, the House of Representatives approved the Financial Innovation and Technology for the 21st Century Act (FIT21). It aims to create a regulatory framework for digital assets and split the authority to regulate the crypto sector between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).

According to the senior executive, there is also a bipartisan camp of supporters of the initiative in the Senate and the vote could be successful, given that President Joe Biden’s administration has decided not to veto the bill.

“Glad to see the voice of the crypto voter having an impact,” Armstrong concluded.

At the end of May, it became known that Biden’s campaign headquarters began interacting with representatives of the crypto industry, who had previously been denied a meeting with the president. According to sources, the headquarters realizes that the approach to cryptocurrencies could have an impact on the presidential race.

Trump, who has previously announced his intention to become “crypto president,” held a meeting with top US mining companies in June and pledged to support the industry to ensure that “all the remaining Bitcoin to be MADE IN THE USA!!!”

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