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In a bid to secure regulatory clarity for the cryptocurrency industry, Brian Armstrong, the CEO of Coinbase, is calling upon U.S. citizens to voice their support for the Financial Innovation and Technology for the 21st Century Act (FIT21).
On July 26, lawmakers voted favorably for FIT21 and the Blockchain Regulatory Certainty Act. These bills, if passed into law, would bring a new level of understanding for crypto firms. They would clearly define the jurisdictional boundaries between securities and commodities regulators, a step expected to streamline operations in the rapidly evolving crypto sector.
Armstrong Advocates for a 'Yes' Vote on FIT21
Armstrong took to Twitter on the eve of the voting, urging Americans to nudge their representatives toward a "Yes" vote on FIT21. The Coinbase CEO stressed that while the bill would undergo modifications during the legislative process, a positive vote would help safeguard Americans' digital assets and foster innovation.
It could also have implications for national security, as clarity in this sector is key in monitoring and controlling potential illicit activities. "Today, two House committees started voting to take an important step on legislation that will create regulatory clarity for crypto...a vote today for the Financial Innovation and Technology for the 21st Century Act is a vote to protect your crypto, American innovation, and national security," Armstrong tweeted.
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
Ongoing Efforts to Engage Regulators
Despite encountering hurdles within the U.S., Coinbase has remained steadfast in its efforts to engage with regulators throughout the year.
In a unique approach, Armstrong extended an invitation to lawmakers on February 13, offering to discuss cryptocurrency over ice cream in Washington, D.C. On July 19, the CEO reportedly held private meetings with members of Congress to discuss legislation pertaining to digital assets.
In the face of rising global interest in cryptocurrency, Armstrong's public call to action underlines the urgency for a clear legislative framework. As the industry continues to mature, the potential of crypto to transform finance, business, and even national security becomes increasingly clear.