![]() “It's really important that everybody understands that blockchain technology is used across multiple different industries - from supply chain, financial services, to retail, communications, and security,” said Nina Blankenship, co-CEO of Crypto Tutors LLC, a Black- and minority-women-owned business based in Orlando, Fla., that offers Web3 and blockchain education. Heads of smaller crypto firms were also part of the broader push on Capitol Hill, as they attempted to show lawmakers that the industry can help boost the economy. “Eventually, if this ends up in the Supreme Court, that's not going to be good for many of what these lawmakers want.” So the courts are repudiating the approach that they're taking,” Armstrong said. “Right now, the SEC has … won zero of the last three court rulings. “I just want there to be clear rules because in the absence of that the SEC has just been on this path of regulation by enforcement or harassment, if you will, where every startup in the space gets a subpoena or a Wells notice and that's not sustainable,” he added.Īrmstrong warned if Congress doesn’t pass legislation, then the legal system will be forced to decide. “I'm OK with any of them,” Armstrong told Yahoo Finance. Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.), who have put forth sprawling, comprehensive legislation to regulate the crypto industry in the upper chamber. He hopes the House bill will converge with legislative efforts by Sens. ![]() "By contrast, crypto wants to diminish the role of the SEC and boost the power of the CFTC.”īut Armstrong says he thinks there's a reasonable set of places where new rules could land and that lawmakers tell him they are all attuned at a high level to the risks of not doing so. Democrats object to giving the CFTC authority over so much of the crypto universe as it has no experience with retail investor protections,” said TD Cowen analyst Jaret Seiberg. “We do not see a path forward for this through the end of 2024. In any case, analysts don’t expect the crypto legislation to go anywhere in the Senate. That legislation is expected to pass through the House this fall, though lawmakers have been grappling with other priorities of late - namely, a looming government shutdown, as well as the must-pass Farm Bill and National Defense Authorization Act. It also tries to direct what firms need to do to register with the SEC and requires the SEC to write new rules that are customized to govern crypto. Brian Armstrong, CEO and co-founder of Coinbase, speaks during the Milken Institute Global Conference on in Beverly Hills, Calif.
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