Brian Armstrong, the chief executive officer of Coinbase, has arranged a confidential discussion with several House Democrats for Wednesday. The primary focus of this meeting is to deliberate on the future of digital asset-related legislation. This conversation comes at a time when prominent cryptocurrency exchanges, Coinbase and Binance, are entangled in ongoing legal battles.

Both exchanges are currently facing lawsuits from the U.S. Securities and Exchange Commission (SEC). The SEC alleges that these businesses failed to register their operations with the regulatory authority.

Armstrong plans to address a variety of topics during the meeting, beyond the lawsuits. These subjects encompass taxation, national security, privacy issues, and environmental considerations. A representative from the New Democrat Coalition communicated this information via an email statement.

Coinbase has yet to respond to requests for comments outside of regular business hours. The results of the SEC lawsuits could potentially transform the landscape of the cryptocurrency market. If the SEC emerges victorious, it could solidify its regulatory control over the industry. The crypto sector has long contested such regulation, maintaining that tokens do not fall within the jurisdiction of securities.

This argument was recently strengthened when a US court ruled that Ripple is not a security. This decision was seen as a significant victory for the broader crypto community.

During a recent National Press Club event on Monday, SEC chair Gary Gensler expressed his disappointment with the ruling concerning public exchanges. He also emphasized that the SEC will intensify its efforts to clamp down on non-compliant firms.