Coinbase CEO Brian Armstrong has reportedly said that US lawmakers are refocusing on regulatory clarity in the crypto space after meeting with key officials.

According to a July 24 Axios report, Armstrong has met with US lawmakers on July 20 ahead of discussions and votes on legislation aimed at providing clarity on the regulation of digital assets. Coinbase’s CEO reportedly cited the Securities and Exchange Commission’s lawsuit against Ripple — in which the court cited XRP (XRP) mostly did not qualify as a security — “created great urgency” among members of Congress.

“Rep. Patrick McHenry is very committed to getting the legislation through,” Armstrong said. “Maxine Waters is looking deeply into it, as far as I can tell.” […] I think the Ripple case created a lot of urgency. Same with these Bitcoin ETF filings we’ve seen recently from Blackrock, Fidelity and the big financial services companies.”

PUSH there are several cryptocurrency bills and blockchain currently being debated in the House 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 Act. According to Armstrong, the SEC. v. The Ripple ruling created “optimism that should not be underestimated” and forced lawmakers to consider a legislative path forward rather than relying on court rulings.

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Coinbase is facing its own lawsuit from the SEC, which fee-based crypto exchange for alleged violations of securities laws in June following Wells’ announcement in March. Many Coinbase executives have publicly opposed the allegations and he claimed that the commission was working on the “regulation by enforcement” approach to cryptocurrencies.

In May Coinbase he announced that she planned to hold a “Stand for Crypto Day” in Washington, DC on July 19 – 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 suggested that the event may not have happened, or a different approach than suggested.

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