Coinbase’s co-founder Brian Armstrong is in a Senate office building currently following regulatory action on Kraken’s staking and Paxos’ bUSD stablecoin.
“I’m in Washington D.C. and had a meeting canceled,” Armstrong said. “Will be at the Dirksen Senate Office building snack bar for the next hour or so, if anyone wants to come chat about crypto and how we get crypto legislation + regulatory clarity this year.”
The Securities and Exchanges Commission (SEC) is exploiting Congressional inaction on crypto to try and assert jurisdiction over even tokenized fiat.
That’s through a maximalist interpretation of the Congressional Securities Act 1933, and it’s in a way whereby compliance with SEC’s requirements to register is impossible.
They have therefore been shutting down crypto projects, rather than regulating, and risk killing new innovations in regards to stablecoins which many see as the market based answer to clunky and unpopular CBDCs.
Since Congress has oversight over SEC and as Congress gives SEC authority, only Congress can provide overall clarity on crypto regulation.
This visit by Armstrong therefore indicates the crypto industry in US may now focus all of its attention on Congress, rather than try and deal with hostile regulators or the Biden administration.
