Coinbase CEO Brian Armstrong says FIT21 can 'finally' create clear crypto regulation

Coinbase CEO Brian Armstrong commented on the House of Representatives vote on FIT21, or the Financial Innovation and Technology for the 21st Century Act, on the social media platform X.

Armstrong called it a "historic vote," adding that it will "finally start to create some clear rules to regulate crypto" if passed into law.

"Americans want to know their representatives are protecting their rights to use crypto, creating clear rules to protect consumers, and won't let the lack of clarity be weaponized by a few activists in the administration trying to unlawfully kill an industry," Armstrong continued. 

Armstrong then included a note for Stand With Crypto, a crypto-focused advocacy group that the exchange initiated. 

FIT21 aims to provide robust legal rules for digital assets. The Biden administration opposes the bill, stating that it lacks protections for digital asset investors and consumers.

Coinbase v SEC 

In June 2023, the Securities and Exchange Commission sued Coinbase for allegedly violating securities law. The suit named 13 cryptocurrencies, including solana and cardano, as securities and came after the SEC issued a Wells notice against Coinbase in March of the same year. 

Coinbase has long said that the United States needs clearer rules regarding digital asset regulation. In March 2024, the firm even asked an appeals court to direct the SEC to create a robust crypto regulatory framework, stating that the agency's avoidance of rulemaking violated the Administrative Procedures Act.