Coinbase’s chief, Brian Armstrong, is using his platform to encourage American citizens to endorse the proposed crypto regulatory bills – the Financial Innovation and Technology for the 21 Century Act (FIT21) and the Blockchain Regulatory Certainty Act. Armstrong urged the public to reach out to their representatives to vote favorably on FIT21.
Important action you can take to protect the value of your crypto in America:
Today, two House committees started voting to take an important step on legislation that will create regulatory clarity for crypto. They will continue tomorrow. The bill will evolve during the…
— Brian Armstrong 🛡️ (@brian_armstrong) July 27, 2023
Armstrong’s call to action comes on the heels of an initial vote on July 26, in which lawmakers expressed their support for FIT21 and the Blockchain Regulatory Certainty Act. These legislations, if enacted, could provide the much-needed regulatory framework for crypto firms by establishing jurisdictional boundaries between securities and commodities regulators.
Armstrong stated that while the bill is still in flux and will continue to evolve during the legislative process, the public’s support could significantly influence its development and eventual implementation. He sees the proposed legislation as a potential guard to “promising outcomes to protect consumers, promote job opportunities, and strengthen national security.”
Coinbase has been actively engaged with U.S. regulators in an attempt to bridge the understanding gap in digital currencies and blockchain technology. In February, Armstrong invited regulators for a chat over ice cream in Washington, D.C., and he held closed-door meetings with congressional members to discuss digital assets legislation in mid-July.
