Former Congressman Kendrick Meek has joined Coinbase’s Global Advisory Council. In this article, we learn how this council aims to navigate crypto legislation.
Unrelieved on May 12, Coinbase has added several new members to their Global Advisor Council, with former Florida Congressman Kendrick Meek being the latest.
This council aims to navigate crypto legislation with a squad of ex-legislators and industry pros.
The announcement is pivotal as the House debates the Financial Innovation and Technology for the 21st Century (FIT21) Act and celebrates passing the bipartisan-backed Blockchains Act of 2023 by a landslide, which promotes U.S. competitiveness in blockchain technology.
“The bill directs the secretary of commerce to take actions necessary and appropriate to promote the competitiveness of the United States in blockchain technology,” outlined in the legislation.
what a DAY for crypto in america
– ETH ETF approval odds skyrocket as SEC returns comments + requests updated filings from issuers
– FDIC chair out
– SAB 121 repealed with bipartisan support (biden can still veto)
– congress vote on FIT 121 this week— Meltem Demirors (@Melt_Dem) May 21, 2024
Coinbase’s New Justice League to Fight For Crypto
Joining Meek on the council are fellow Congressmen including ex-Senator Patrick Toomey, and former Reps Tim Ryan and Sean Patrick Maloney.
They’re here to guide Coinbase on policy matters, just as the exchange locks horns with the Securities and Exchange Commission (SEC) following a March Wells notice This prompted the exchange to seek clarity regarding the SEC’s stance on digital assets.
“We chose to build in America because we want to be part of the solution and believe America would be best served by embracing the potential of crypto and blockchain technology,” stated Coinbase in their May 12 blog post.
Coinbase is actively involved in the 2024 election season through its Stand With Crypto initiative. This campaign aims to rally U.S. voters to support lawmakers favorable to the cryptocurrency sector.
By establishing the Global Advisory Council and including prominent figures like Kendrick Meek, Coinbase is positioning itself to better navigate regulatory hurdles and advocate for clearer, more supportive crypto policies.
“Meek’s extensive experience in legislation and his commitment to innovation make him an invaluable addition to our council,” Shirzad added.
US House Passes Pro-Crypto Bill Amid Anticipation for Larger Legislation
As the crypto world and Coinbase watch the House debate the FIT21 Act, a more modest yet impactful bill has quietly passed through the legislative process.
The Deploying American Blockchains Act of 2023 received overwhelming support in the House, passing with a vote of 334 to 79.
Aimed at making the U.S. a blockchain powerhouse, this bipartisan bill puts the Commerce Secretary, currently Gina Raimondo, in charge of driving the industry’s growth.
Representatives Lisa Blunt Rochester and Larry Bucshon, who are new to blockchain and crypto issues, introduced the bill.
“The bill aims to establish the United States as a leader in blockchain technology by ensuring a coordinated effort across various sectors,” said one of the advocates.
Congress is knee-deep in 50 crypto bills, a clear sign that blockchain and digital assets are becoming economic heavyweights.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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