Coinbase CEO Brian Armstrong Meets Senators to Discuss Crypto Regulation

Coinbase CEO Brian Armstrong Meets Senators to Discuss Crypto Regulation

Coinbase CEO Brian Armstrong took to Twitter to announce that he had met with a dozen Democratic and Republican senators in Washington, D.C. over the last two days to discuss the crypto industry. Armstrong said that they talked about the need for clear crypto regulation and consumer protection. The Financial Innovation and Technology Act of the 21st Century (FIT21) regulation bill has already passed the House, and is awaiting action in the Senate. "We had productive conversations about the importance of clear regulation for the crypto industry," Armstrong tweeted. "We also discussed the need to protect consumers and ensure that the industry is safe and accessible for all." The cryptocurrency industry has been growing rapidly in recent years, and regulators are still working to develop a clear regulatory framework. The FIT21 bill would create a new regulatory framework for the crypto industry, and would give the Commodity Futures Trading Commission (CFTC) authority over spot crypto markets. The bill has been supported by the crypto industry, but it has also faced some opposition from some lawmakers who are concerned about the risks associated with cryptocurrencies. It remains to be seen whether the bill will be able to pass the Senate.