Coinbase CEO Brian Armstrong is set to meet with approximately 100 Democratic lawmakers this week to discuss the role of cryptocurrency in various areas of national interest. The meeting, which is scheduled to take place on July 19, will involve members of the New Democrat Coalition, a group comprising around 100 Democratic lawmakers from the House of Representatives. The focus of the discussion will center on the impact of digital assets and blockchain technology on national security, privacy, and climate.
This development comes amidst the backdrop of Coinbase facing a lawsuit from the Securities and Exchange Commission (SEC) over alleged involvement in unregistered securities offerings. The SEC and Coinbase recently held their first pre-motion hearing on July 13, following the filing of the lawsuit roughly five weeks earlier. In response, Coinbase’s chief legal officer, Paul Grewal, took to Twitter to emphasize the exchange’s commitment to operating in a legal and compliant manner. Grewal stated that Coinbase has been offering staking services securely and legally for almost four years and expressed determination to defend the rights of users to stake their assets as they choose.
In a separate but related development, the SEC has officially accepted Valkyrie’s Bitcoin exchange-traded fund (ETF) proposal for review. The proposal, which entered the official SEC docket on July 17, represents the second spot Bitcoin ETF being considered by the SEC. This comes shortly after the SEC published BlackRock’s spot Bitcoin ETF proposal on July 13. Valkyrie’s latest filing is their second attempt to launch a spot Bitcoin ETF in the United States, after facing regulatory pushback earlier this year. Despite this, Valkyrie was able to successfully launch a futures-based Bitcoin ETF in October 2021.
Meanwhile, Ark Investment Management CEO Cathie Wood expressed optimism about the future prospects of Coinbase and other digital asset exchanges. Wood’s optimism stems from the recent partial victory of Ripple over the SEC. While acknowledging that the ruling was not completely in Ripple’s favor, Wood viewed it as a positive outcome for crypto exchanges overall. The positive sentiment was reflected in the trade activity of Ark Invest’s ETFs, which sold a significant number of Coinbase shares since the recent rally.
Coinbase CEO Brian Armstrong’s upcoming meeting with Democratic lawmakers, the ongoing legal battle with the SEC, the acceptance of Valkyrie’s Bitcoin ETF proposal, and Cathie Wood’s optimism regarding Coinbase’s future are all significant developments in the cryptocurrency space. These events highlight the growing interest from regulators and lawmakers in understanding and regulating the role of digital assets in various important areas, as well as the evolving landscape for cryptocurrency investments.
