CEO Brian Armstrong reaches out to U.S. Democrats

Coinbase CEO Brian Armstrong is going to meet with Democratic congressmen. Can he convince US Democrats to take a more moderate stance on cryptocurrencies?

Today on Wednesday, July 19, Coinbase CEO Brian Armstrong will meet with Democratic members of the U.S. House of Representatives. This let Bloomberg know. The congressmen are part of the New Democrat Coalition, a left-liberal group founded in 1997 that is "united behind the mission to build an economy that works for every American," according to the group's website. The topic of the discussion that will take place behind closed doors is a bill on cryptoregulation in the U.S.

Regulation is becoming increasingly difficult

Currently, there are competing proposals from the Democrats and the Republicans. The Democrats are considered more crypto hostile, the Republicans more open. The news comes at a time when regulation is becoming increasingly difficult for the U.S. crypto industry. Coinbase, for example, is facing a lawsuit from the U.S. Securities and Exchange Commission (SEC). The authority accuses Coinbase of unauthorized securities trading.

Recently, Coinbase (COIN) shares rose significantly. In the wake of the court ruling in favor of Ripple and XRP, thereby shooting up the price by nearly 15 percent. At the time of writing, COIN is trading at US$104.