Coinbase CEO Asks Users To Fight for Crypto in US

Updated: 28 July 2023

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Coinbase CEO Brian Armstrong has taken to Twitter, urging users to mobilize and take a Stand with Crypto in an effort to safeguard the value of cryptocurrencies in the United States.

Important action you can take to protect the value of your crypto in America:

Today, two House committees started voting to take an important step on legislation that will create regulatory clarity for crypto. They will continue tomorrow. The bill will evolve during the…

— Brian Armstrong (@brian_armstrong) July 27, 2023

In a significant development, the House Financial Services Committee and the House Agriculture Committee in the US House of Representatives convened on July 26 and July 27 to vote on the Financial Innovation and Technology Act for the 21st Century, aiming to provide regulatory clarity to the cryptocurrency industry.

In response to these proceedings, Brian Armstrong urged his followers to take action and reach out to their respective Members of Congress. The call to action emphasizes the importance of supporting the legislative process to advance the regulation and clarity surrounding cryptocurrencies.

This legislative effort comes at a pivotal time for the crypto space, as regulatory frameworks play a crucial role in shaping the industry’s future trajectory. Advocates of cryptocurrency and blockchain technology are actively engaging with lawmakers to foster an environment that fosters innovation while ensuring consumer protection and market integrity.

As the discussions progress, industry players are closely monitoring the outcomes, as any legislative decisions may have a substantial impact on the crypto ecosystem’s growth and stability.

Vote to Move Financial Innovation and Technology Act for the 21st Century

On July 20th, 2023, the US Committees introduced the Financial Innovation and Technology Act for the 21st Century, presenting it as a “landmark legislation” to create a robust regulatory framework to safeguard consumers and foster innovation within the United States.

Representative French Hill, during the Act’s introduction, emphasized its significance, stating that it would have prevented incidents like the FTX debacle, where billions of customer funds were allegedly misappropriated. He further highlighted that the Act seeks to establish consumer protections and clear guidelines for market participants.

The US has lagged behind other nations in the realm of crypto developments, with several countries already implementing crypto-friendly legislation to encourage financial innovation within their jurisdictions. The introduction of the Financial Innovation and Technology Act signifies a step towards aligning with global trends in the crypto space.

Influence Your Vote on This Critical Piece of Legislation

“Stand with Crypto,” an official advocacy page, underscores the significance of forthcoming legislation and its potential positive impact on the American crypto market.

The proposed legislation is touted to offer consumer protection, foster job opportunities, and bolster national security. In order to advance this legislation, Coinbase urges its users to take action by emailing their respective Members of Congress to influence their vote.

Addressing CFTC Oversight and SEC Overreach

The US Congressional Committee’s bipartisan bill, recently passed, has ignited discussions on whether cryptocurrencies will be classified as securities, while proposing expanded oversight for the Commodity Futures Trading Commission (CFTC). Simultaneously, it aims to address concerns about the Securities Exchange Commission’s (SEC) regulatory overreach.

Although this development is welcomed by US-based crypto investors and exchanges operating in the US, the bill is not without opposition. Representative Maxine Walters, a Democrat, expressed concerns about the bill’s complexity and potential to provide consumers with less protection.

In addition to the regulatory bill, another one is being developed to establish requirements for issuing stablecoins while preserving state regulators’ authority. To appease some Democrats seeking stricter regulations to prevent stablecoins from bypassing state oversight, modifications have been made to the bill.

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