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• Coinbase CEO Brian Armstrong is set to meet with House Democrats on Wednesday to discuss cryptocurrency legislation and related issues.
• This comes as Coinbase faces a lawsuit by the SEC, while lawmakers introduce bills that would bring clarity to the crypto industry in the US.
• Coinbase has submitted a motion to dismiss the SEC complaint charges for lack of merit and its stock price has grown by nearly 200% since the start of 2021.

Coinbase CEO To Meet House Democrats

Coinbase Inc. Chief Executive Officer Brian Armstrong is set to meet with House Democrats behind closed doors Wednesday morning. This is according to a Bloomberg report on Monday, citing sources familiar with the plans. According to the report, Armstrong will speak privately with lawmakers from the New Democrat Coalition about cryptocurrency legislation and related issues, including tax, national security, privacy and climate.

Lawmakers Introduce Crypto Bills

Recently, lawmakers from the House and Senate have introduced bills that would bring clarity to the cryptocurrency industry in the United States. However, the divided nature of Congress makes it unclear whether these bills would be adopted soon.

SEC Lawsuit Against Coinbase

On June 6th, The US Securities and Exchange Commission charged Coinbase with violating federal securities law, adding that the cryptocurrency exchange was operating as an unlicenced broker, national securities exchange and clearing agency. The crypto exchange responded saying that this action violates due process and constitutes an abuse of discretion.

Coinbase Submits Motion

On June 29th, Coinbase submitted a motion to The United States District Court for Southern District of New York asking that their SEC complaint charges be dismissed for lack of merit.

Stock Price Growth

Coinbases stock price has grown by nearly 200% since start of 2021 thanks to Bitcoin’s price rally by nearly 50% during that period which started at $40 per share but currently stands at $105.55

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