“I met with more than a dozen Dem and GOP Senators in DC over the last 48 hrs to discuss creating clear rules for the crypto industry and consumer protection for crypto users. There’s strong bi-partisan momentum to get this done in the Senate now that FIT21 has passed in the House. Glad to see the voice of the crypto voter having an impact.”
The Coinbase CEO also has a vested interest in the US Presidential Election.
Investors await a court ruling on the Coinbase Motion for Interlocutory Appeal. Coinbase filed the Motion in April after Judge Katherine Failla denied, in large part, the Coinbase Motion to Dismiss (MTD).
If Judge Failla grants the Motion for Interlocutory Appeal, Coinbase could appeal the Motion to Dismiss ruling. Coinbase filed the Motion to Dismiss in August 2023, arguing the SEC lacked the statutory authority to regulate US crypto exchanges.
If Coinbase successfully overturns the Motion to Dismiss ruling, the SEC could face pressure from Capitol Hill to pull back from plans to appeal against the programmatic Sales of XRP ruling.
While court rulings are pivotal, the US Presidential Election may have greater significance.
Former US President and Republican Party front-runner Donald Trump recently targeted the crypto vote, saying,
“If you like crypto in any form…and it comes in many forms…if you’re in favor of crypto, you better vote Trump.”
In contrast, US President Joe Biden vetoed the SAB 121 resolution. The SAB 121 resolution was a bipartisan vote to end the requirement for firms to include client-held cryptos in custody as liabilities on the balance sheet.
A Trump victory would end the SEC regulation through enforcement era, paving the way to an XRP-spot ETF market and possibly return the US to the helm of innovation.