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Cryptocurrency trading platform Coinbase has been meeting with the U.S. Congress members and crypto-based firms for the crypto regulatory framework that it plans to propose, according to CEO Brian Armstrong.
Coinbase Meets Congress Members on Crypto Regulatory Framework
In a recent tweet, Coinbase CEO, Brian Armstrong revealed that it has been meeting with federal lawmakers and cryptocurrency firms about their regulatory proposal for the crypto industry.
“We’ve now met with 30+ crypto firms, 25+ members of congress and/or staff, 4 major law firms, and 3 trade groups about our regulatory proposal for crypto. Our policy team is doing great work and we’re trying to be part of the solution.”
The CEO first revealed its plans on a draft regulatory framework for crypto officials in an interview at Techcrunch Disrupt 2021 on Sept. 22. At the time, he said:
“Coinbase wants to be an advisor and a helpful advocate for how the U.S. can can create that sensible regulation. In fact, there’s a proposal that we’re putting out at the end of this month, or maybe early next month, that is our proposed regulatory framework.”
He revealed that regulators usually seek industry feedback and proposals when forming new rules, particularly in industries like crypto where the pace of technological advancements has far outpaced the development of new, and amendments of existing regulations.
“When I go to DC, I’ve met with a number of people in government, and they typically will ask us ‘Well, do you have a draft, do you have a proposal of something we could try to shop around about how this could be regulated federally?’”
The Crypto Exchange Cancels Lend Program Launch After SEC Fight
Coinbase recently went into a spat with the SEC over its lending product which the regulatory agency considers as a security and threatened to sue the company if it went ahead with the Lend product, prompting Coinbase to abandon launch.
Coinbase is currently licensed as a money transmitter and lender in 50 states that operate under the purview 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 of Foreign Assets Control (OFAC).