Ripple decision and crypto ETFs sparked a lot of urgency among lawmakers, Coinbase CEO reportedly says

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Coinbase CEO Brian Armstrong has reportedly said US lawmakers are once again focusing on regulatory clarity in the crypto space following discussions with key officials.

According to a July 24 Axios report, Armstrong met with U.S. lawmakers on July 20 ahead of discussions and votes on legislation aimed at clarifying digital asset regulations. The CEO of Coinbase reportedly said that the Securities and Exchange Commissions lawsuit against Ripple in which a court found that XRP (XRP) was largely not considered a security had generated a lot of urgency among members of Congress.

Rep. Patrick McHenry is very determined to get legislation, Armstrong said. Maxine Waters examines it deeply, as far as I can tell. […] I think the Ripple case has generated a lot of urgency. The same goes for those bitcoin ETF deposits we’ve seen lately from Blackrock, Fidelity, and big financial services companies.

Several crypto and blockchain bills are currently being discussed in the House of Representatives and the Senate, including the Financial Innovation and Technology for the 21st Century Act, the Responsible Financial Innovation Act, the Digital Assets Anti-Money Laundering Act, and the Digital Assets Market Structure Bill. According to Armstrong, the SEC. v. The Ripple decision created optimism that should not be underestimated, prompting lawmakers to consider a legislative path forward rather than relying on court rulings.

Related: Coinbase vs. SEC Hearing Dates Confirmed for Initial Arguments

Coinbase is facing its own lawsuit from the SEC, which charged the crypto exchange with alleged violations of securities laws in June following a notice from March Wells. Many Coinbase executives have publicly pushed back against the allegations and asserted that the commission operates under a regulation-by-enforcement approach to crypto.

In May, Coinbase announced that it planned to hold July 19 Stand for Crypto Day in Washington, DC, ostensibly a rally or demonstration aimed at persuading members of Congress to support pro-crypto policies. Although Armstrong was in the nation’s capital around the same time, the lack of related activity on Coinbases’ social media channels suggested that the event may not have happened or that it was a different approach than had been suggested.

Magazine: Crypto Regulation: Does SEC Chairman Gary Gensler Have the Final Word?

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