Coinbase meeting with U.S. lawmakers to discuss proposed crypto regulation

[ad_1]

The Nasdaq-listed cryptocurrency exchange Coinbase has met with members of Congress to discuss the cryptocurrency regulations it plans to propose, according to CEO Brian Armstrong. Additionally, the company has met with more than 30 crypto companies, four major law firms, and three business groups about its crypto proposal.

Coinbase Meets with Members of Congress and Crypto Firms on Crypto Regulatory Framework

Coinbase’s mission is to influence crypto regulation in the United States, CEO Brian Armstrong tweeted on Thursday:

We have now met with over 30 crypto companies, over 25 congressmen and / or staff, 4 major law firms and 3 trade groups about our regulatory proposal for crypto. Our policy team did a great job and were trying to be part of the solution.

Armstrong first revealed that his company was preparing a draft regulatory framework to submit to lawmakers in an interview with Techcrunch Disrupt 2021 on September 22. He said he plans to start distributing the crypto regulation proposal this month.

The CEO revealed that he has been repeatedly asked for a proposal for a crypto regulatory framework, as regulators often seek industry input when creating new rules.

He shared in the interview: When I go to Washington, I have met a number of people in government, and they usually ask us. Well, do you have a project, do you have a proposal for something that we could try to do how could that be regulated federally?

Armstrong noted that Coinbase is currently licensed as a money transmitter and lender in 50 states. He added that Coinbase operates under the responsibility of the Financial Crimes Enforcement Network (FinCEN), the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Internal Revenue Service (IRS), the Treasury and the Office. control of foreign assets (OFAC).

The Coinbase boss has indicated that he prefers a federal framework instead of having to deal with independent state-by-state rules and agencies. He was quoted as saying:

We have a proposal that we want to bring forward that maybe could help create at least some idea on how to move forward. But it’s going to require input from a lot of people.

Coinbase recently ran into issues with the SEC over its loan product which the Commission views as security. The SEC threatened to sue the company if it went ahead with the Lend product without registering, prompting Coinbase to abandon its plan to launch the product.

SEC Chairman Gary Gensler recently explained that crypto platforms that accept funds from investors and offer returns should carefully review securities laws and discuss with the registration agency.

What do you think of Coinbase meeting with US lawmakers to discuss a regulatory framework for cryptocurrency? Let us know in the comments section below.

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, nor a recommendation or endorsement of any product, service or business. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, good or service mentioned in this article.

[ad_2]