Coinbase CEO Brian Armstrong to Meet House Democrats About Crypto Legislation: Bloomberg

Coinbase (COIN) CEO Brian Armstrong will meet Democrats from the House of Representatives in Congress behind closed doors Wednesday morning with the crypto exchange embroiled in a legal battle with the U.S. Securities and Exchange Commission (SEC), Bloomberg reported Monday citing Democratic aides familiar with the plans.

The private meeting will be with members of the New Democrat Coalition, a caucus of over a 100 Democrats who say they are committed to pro-economic growth, pro-innovation and fiscally responsible policies, according to the group’s website.

The meeting will concern “digital-asset legislation and related issues including tax, national security, privacy and climate,” the report said. Recently, lawmakers from the House and Senate have introduced separate bills in an attempt to bring clarity to crypto regulation, though the reality of a divided Congress means it’s unclear whether such efforts will bear fruit.

On June 6, the SEC charged Coinbase with breaching federal securities law. Coinbase responded saying the SEC’s action violates due process and constitutes an abuse of discretion. Coinbase shares rose over 24% Thursday after a court handed Ripple and by implication, the crypto industry, a partial victory in a case against the SEC, ruling that Ripple’s XRP token is not a security.

Coinbase and the New Democratic Coalition didn’t immediately respond to a request for comment early Tuesday morning before U.S. office hours.