“Over the last 48 hours, I have met with over 10 Democratic and Republican Senators in Washington DC to discuss creating clear rules for the cryptocurrency industry and consumer protections for crypto users. Now that FIT21 has passed the House, there is strong bipartisan momentum to get this done in the Senate. I am pleased to see the voice of crypto voters making an impact.”
The Coinbase CEO also has a keen interest in the US presidential elections.
Investors are awaiting the court's decision on Coinbase's interlocutory appeal motion, which the company filed in April after Judge Catherine Failla largely denied Coinbase's motion to dismiss (MTD).
If Judge Feira grants the motion for interlocutory appeal, Coinbase may appeal the motion to dismiss. Coinbase filed a motion to dismiss in August 2023, arguing that the SEC lacks the legal authority to regulate cryptocurrency exchanges in the United States.
If Coinbase is successful in overturning the motion to dismiss, the SEC could face pressure from Congress to drop its plans to appeal the programmatic sales ruling of XRP.
While the court's decision is extremely important, the US presidential election may have even greater implications.
Former US President and Republican front-runner Donald Trump recently targeted the crypto vote, stating:
“If you like cryptocurrency in any form — and there are many forms of cryptocurrency — if you support cryptocurrency, you should vote for Trump.”
In contrast, US President Joe Biden vetoed SAB 121, a bipartisan vote to repeal the requirement for companies to include cryptocurrencies held by customers as liabilities on their balance sheets.
A Trump victory could bring an end to the era of SEC regulation and enforcement, paving the way for an XRP spot ETF market and putting the US back in the driving seat for innovation.
