Coinbase CEO Brian Armstrong is set to meet with President-elect Donald Trump to discuss the future of cryptocurrency regulations in the United States.
Trump’s Evolving Stance on Crypto
During his first term, Donald Trump was known for his skepticism toward cryptocurrency, but his views have evolved significantly. At a Bitcoin conference earlier this year, he suggested the creation of a presidential advisory council on cryptocurrencies, tasked with designing clear and transparent regulatory guidelines.
Coinbase's Political Engagement
Coinbase, under Armstrong’s leadership, has been actively engaged in shaping policy, contributing significant funds to political action committees to support candidates who favor cryptocurrency-friendly policies. The company has pledged $25 million to support pro-crypto candidates in the upcoming U.S. midterms.
Legal Challenges with the SEC
Coinbase has been embroiled in a legal battle with the SEC, criticizing the agency for its strict stance on cryptocurrency. In 2022, Coinbase sued the SEC following the rejection of its petition for clearer digital asset regulations. Coinbase argues that the lack of clear rules has created a disadvantage for businesses and investors.
The upcoming meeting between Trump and Armstrong could be a critical step towards developing a new approach to cryptocurrency regulation in the U.S., addressing existing challenges and fostering industry growth.
