- Coinbase CEO Brian Armstrong will meet House Democrats early on Wednesday to speak on digital asset legislation.
- Experts have expressed their concerns and believe Earn is particularly vulnerable to being defined as a security.
- If any or all of the ten states that initiated proceedings against COIN affirm that the program facilitates securities offerings, it would support the SEC’s accusations.
The US financial regulator, the Securities and Exchange Commission (SEC), accused Coinbase of unregistered securities offering. Since then, the exchange has been battling the SEC’s allegations. Coinbase CEO, Brian Armstrong, is set to meet with House Democrats on Wednesday morning to discuss cryptocurrency regulation and related issues like tax, national security, privacy and climate.
Also read: Uniswap price gears up for rally with these five bullish catalysts
Coinbase CEO set to speak to lawmakers privately
Coinbase Inc. CEO Brian Armstrong has planned a meeting with House Democrats behind closed doors on Wednesday morning, according to a recent Coindesk report. The executive will speak privately with lawmakers from the New Democrat Coalition about digital asset legislation while the exchange faces a SEC lawsuit.
The Coinbase executive has led a campaign for clearer rules on cryptocurrencies and urged lawmakers for clear guidance on how to register with regulators. While Armstrong works on plans to speak with lawmakers, experts at the investment bank Berenberg believe “Earn”, Coinbase's securitized staking program for retail customers, is at risk of being declared a security.
Experts believe Coinbase’s Earn could be declared as a security
Experts at the investment bank Berenberg noted that “staking” was a topic of discussion last Thursday during the first pre-motion hearing in the SEC’s lawsuit against the exchange. Analysts argue that if any or all of the 10 states that initiated proceedings against COIN citing an illegal staking program, it could strengthen the SEC’s arguments against the exchange.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms
Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.
Litecoin poised for double-digit decline after breaking ascending trendline
Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC
21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.