Author: MK Manoylov, The Block; Translated by: Wuzhu, Jinse Finance
Summary
Coinbase CEO Brian Armstrong called FIT21 a "historic vote" that, if passed, would "finally start to put some clear rules in place to regulate cryptocurrencies."
For years, Coinbase has been seeking clearer cryptocurrency regulation and rules from the U.S. Securities and Exchange Commission.
Coinbase CEO Brian Armstrong took to social media platform X to comment on the House vote on FIT21, or the Financial Innovation and Technology Act for the 21st Century.
Armstrong called it a “historic vote,” adding that if the bill passes and becomes law, it would “finally begin to put some clear rules in place to regulate cryptocurrencies.”
Armstrong continued: “Americans want to know that their representatives are protecting their rights to use cryptocurrency, putting in place clear rules to protect consumers, and not letting a few activists in government use the lack of clarity as a weapon to try to illegally stifle an industry.”
Armstrong later published a note for Stand With Crypto, a cryptocurrency-focused advocacy group launched by the exchange.
FIT21 aims to provide sound legal rules for digital assets. The Biden administration opposes the bill, saying it lacks protection for digital asset investors and consumers.
Coinbase vs. the SEC
In June 2023, the U.S. Securities and Exchange Commission sued Coinbase for alleged securities violations. The lawsuit, which listed 13 cryptocurrencies including Solana and Cardano as securities, followed the SEC's Wells Notice against Coinbase in March of the same year.
Coinbase has long said that the United States needs clearer rules on digital asset regulation. In March 2024, the company even asked an appeals court to instruct the SEC to create a strong cryptocurrency regulatory framework, saying that the agency's avoidance of rulemaking violated the Administrative Procedure Act.
