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Crypto News

Brian Armstrong to Discuss Crypto Tax and National Security Issues with Democrats

Author

Jay Solano

Tags

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

coinbase

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Politicians are meeting with the CEO of the largest crypto exchange by trading volume based in the US to discuss a crypto agenda.

Brian Armstrong, the CEO of Coinbase, will meet with House Democrats, according to a recent Bloomberg report, to talk about how cryptocurrency affects national security, the environment, and taxes.

As Coinbase continues to be sued by the U.S. Securities and Exchanges Commission (SEC), which claims the exchange operates as a securities broker without the necessary authorization, Armstrong will meet privately on Wednesday with the New Democratic Coalition, a Democratic policy thinktank, to discuss the concerns.

The report claims that there is currently disagreement in the market regarding whether the SEC or the Commodity Futures Trading Commission (CFTC) should regulate cryptocurrency.

According to Armstrong,

“This is why the US Congress is introducing new legislation to fix the situation.”

Yesterday, a federal judge in New York ruled that before allowing Coinbase’s application to go public, the SEC should have warned the company that it might be breaking securities laws.

The agency’s acceptance of Coinbase’s S-1 application to launch an initial public offering (IPO), according to SEC lawyer Peter Mancuso, does not signify that the commission has ever given its seal of approval to the whole operation of the cryptocurrency exchange.

The SEC’s approval of a company’s public offering does not suggest that the underlying business or structure is legal. There is no evidence that the SEC examined specific assets and made specific conclusions and then reassured Coinbase that this would not be a security.