Coinbase Inc. CEO Brian Armstrong is scheduled to meet with House Democrats behind closed doors on Wednesday, according to a Bloomberg report. Armstrong will discuss topics such as cryptocurrency legislation, taxes, national security, privacy and climate with the New Democrat Coalition.
This news arrives as Coinbase is currently being sued by the Securities and Exchange Commission (SEC). In response to the SEC’s action, Coinbase stated that the commission’s action was a violation of due process and constitutes an abuse of discretion. Last month, the exchange filed a motion with the United States District Court for the Southern District of New York to dismiss the SEC’s complaint.
In the meantime, lawmakers from both the House and Senate have introduced bills that could bring much-needed clarity to the cryptocurrency industry in the US. Unfortunately, due to the partisan divide in Congress, it is unclear if any of these bills will be passed in the near future.
Coinbase’s stock has seen a tremendous amount of growth this year, with its share price rising by almost 200%. This is largely attributed to Bitcoin’s price increase of nearly 50% since the start of the year. At the beginning of 2021, Coinbase stock was trading at $40 per share, while it currently stands at $105.55.
