According to Bloomberg, who reported Democratic officials knowledgeable about the preparations, the meeting, which is sponsored by the New Democrat Coalition and set for Wednesday, will concentrate on debates surrounding crypto legislation, encompassing subjects like taxes, national security, privacy, and the environment.
The New Democrat Coalition, an organization of more than 100 Democrats who claim to be committed to pro-economic growth, pro-innovation, and financially prudent policies, will be the subject of the secret meeting, according to the group’s website.
In the context of the meeting, the US Securities and Exchange Commission (SEC) has filed lawsuits against two of the world’s largest cryptocurrency exchanges, oinbase">Coinbase and Binance, accusing them of not registering their operations with the agency.
The subject of discussion will be “digital-asset legislation and related issues, including tax, national security, privacy, and climate change,” according to the report. Recently, senators from the House and Senate proposed different measures in a bid to clarify cryptocurrency regulation, but it’s uncertain whether such efforts would succeed given that Congress is currently divided.
oinbase">Coinbase was charged by the SEC on June 6 for violating federal securities law, and in response, oinbase">Coinbase claimed that the SEC’s action goes against due process and is an abuse of discretion.
On Thursday, oinbase">Coinbase shares increased by over 24% following a court ruling in favor of Ripple, which implied a partial victory for the crypto industry by determining that Ripple’s XRP token is not a security.
As of early Tuesday morning before U.S. office hours, oinbase">Coinbase and the New Democratic Coalition have not provided a comment in response to a request.
