Coinbase CEO claims the SEC vs. Ripple case sparked "optimism that shouldn’t be underestimated."
Crypto exchange Coinbase CEO, Brian Armstrong, has reportedly hinted that recent happenings in the cryptocurrency space have attracted US legislators' interest to lay down clear crypto regulations.
On July 20th, Armstrong reportedly had a conversation with several US lawmakers. The meeting came just before important deliberations and voting on legislative pieces dedicated to providing more clarity on digital asset regulation.
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According to the Axios report shared on July 24th, after the meeting, Armstrong indicated that the legal case against Ripple, filed by the Securities and Exchange Commission (SEC), in which a court concluded that XRP did not largely fulfill the criteria of being a security, fueled a sense of urgency among Congress members.
In particular, Coinbase CEO reportedly stated:
Rep. Patrick McHenry is very much committed to getting legislation. Maxine Waters is looking at it deeply, as far as I can tell. <...> I think the Ripple case drove a lot of urgency. Same with these Bitcoin ETF filings that we’ve been seeing recently from Blackrock, Fidelity, and major financial services firms.
On top of that, Armstrong added that the SEC vs. Ripple case appears to have sparked "optimism that shouldn’t be underestimated."
Several preliminary laws about cryptocurrency and blockchain technology are currently up for debate in the House of Representatives and the Senate. The list of discussed bills includes: Responsible Financial Innovation Act, the Financial Innovation and Technology for the 21st Century Act, the Digital Asset Market Structure Bill, and Digital Asset Anti-Money Laundering Act.
Coinbase is also dealing with its legal tussle with the SEC, which accused the cryptocurrency exchange of supposedly breaking securities laws. Several Coinbase executives have publically refuted the allegations, arguing that the SEC seems to be enforcing regulations "by enforcement" in the crypto sector.
The legal entanglements involving Ripple have seemingly accelerated the lawmakers' efforts to define clear regulations for the cryptocurrency space.
