Coinbase CEO Reportedly Says Ripple Ruling and Crypto ETFs Have Generated ‘Enough Urge’ Among Lawmakers.

Coinbase CEO Brian Armstrong has reportedly said that United States lawmakers have renewed focus on regulatory clarity in the crypto sector following talks with key officials.

According to a July 24 Axios report, Armstrong met US lawmakers will meet on July 20 before discussing and voting on pieces of legislation aimed at providing regulatory clarity on digital assets. The Coinbase CEO reportedly said that the Securities and Exchange Commission’s lawsuit against Ripple — in which a court ruled that XRP largely does not qualify as a security — has “generated a lot of urgency” among members of Congress.

“Representative. Patrick McHenry is very committed to getting the law through, Armstrong said. “As far as I can tell, Maxine Waters is looking into this deeply. (…) I think the Ripple case has created a lot of urgency. Such is the case with these bitcoin ETF filings we’ve been seeing recently from BlackRock, Fidelity and major financial services firms.

Several draft bills on crypto and blockchain are currently being discussed in the House of Representatives and Senate, including the Financial Innovation and Technology for the 21st Century Act, the Responsible Financial Innovation Act, the Digital Assets Anti-Money Laundering Act, and the Digital Asset Market Structure Bill. According to Armstrong, the S.E.C. v. Ripple’s decision was “creating optimism that should not be underestimated”, prompting lawmakers to pursue a legislative path rather than rely on court rulings.

Connected: Coinbase v. SEC court dates confirmed for preliminary case arguments

Coinbase faces its own lawsuit from the SEC, which charged the crypto exchange for alleged violations of securities laws in June following a March Wells notice. Several Coinbase executives have publicly opposed the allegations and claimed that the commission was working on a “regulation by enforcement” approach to crypto.

In May, Coinbase announced It plans to hold a “Stand for Crypto Day” on July 19 in Washington, DC — ostensibly a rally or protest aimed at persuading members of Congress to support crypto-friendly policies. Although Armstrong was in the nation’s capital around the same time, the lack of related activity on Coinbase’s social media channels suggests the event may not have happened, or had a different approach than indicated.

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