Coinbase CEO Brian Armstrong was opinionated about the House of Representatives vote on FIT21, finding it absolutely eventful. He also spoke at length about the financial innovation and technology for the 21st Century Act. In his view, the vote will help clarify regulations in the crypto space.
Armstrong added that it was the right of every American to understand that their representatives are safeguarding their interests in the utilization of crypto. Added to that is implementing regulations ensuring customer protection and disallowing non-state actors to disrupt the crypto space. He ended with cheers for the advocacy group Stand With Crypto.
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The intention of FIT21 is to offer a strong regulatory framework for online assets. The Biden administration is supposedly not in favor of the bill, as, in their opinion, it provides no safeguards for investors in online assets or customers.
Toward the middle of last year, the SEC issued a lawsuit against Coinbase because the agency felt it was breaching the securities rule. The lawsuit was filed against thirteen cryptocurrencies, such as Solana and Cardano, for passing them off as securities. This came following the SEC releasing a Wells Notice against Coinbase.
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Coinbase has, for some time, now been mentioning that the US requires further clarity on the established regulations about online assets. In March 2024, it went a step ahead and filed a petition with the appeals court to order the SEC to come up with a strong regulatory infrastructure for the benefit of all involved with the crypto arena.
