Coinbase Appoints Ex-Congressman Kendrick Meek Ahead of House Crypto Legislation Vote

<div>
    <p>Cryptocurrency exchange platform Coinbase has announced the latest appointee to its Global Advisory Council, ex-Congressman Kendrick Meek (D-Fla.), according to an exclusive from The Hill.</p>

    <p>The enlistment of Meek to the council arrives as the Financial Innovation and Technology for the 21st Century Act, known as FIT21, approaches a vote in the House.</p>

    <aside class="ad-unit ad-unit--mr1_ab">
    </aside>

    <p>FIT21 is set to introduce <a target="_blank" href="https://crsreports.congress.gov/product/pdf/IN/IN12223">significant reforms</a> in how digital currencies are regulated, authorizing the Commodity Future Trading Commission (CFTC) with the capacity to govern most as commodities. Having gained the approval of the House Agriculture and Financial Services Committees last summer, the bipartisan-supported bill now seeks Democratic endorsement in the forthcoming House session <a target="_blank" href="https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=409251">this month</a>.</p>

    <p>Kendrick Meek served as the representative for Florida's 17th district from 2003 till 2011. His tenure in Congress included roles on the House Ways and Means Committee, the Democratic Steering and Policy Committee, and as part of the Congressional Black Caucus. Meek was also at the helm of the Congressional Black Caucus Foundation's Board of Directors.</p>

    <p>Data from Coinbase suggests that crypto ownership in the United States encompasses about 52 million citizens, with 41 percent from diverse racial backgrounds.</p>

    <p>Meek emphasized the potential of digital currencies to mitigate the persistent challenges of conventional finance, highlighting the significance for communities of color and the economically underprivileged. "Digital assets present fresh pathways to rectify the historical deficiencies of our financial system, which has let down countless Americans. There’s a critical demand for a fairer and more inclusive financial framework, especially for Black and Hispanic Americans and other marginalized groups," he remarked.</p>

    <p>Meek joins a distinguished cohort of influential figures from Washington on the council.</p>

    <p>In a significant expansion last November, Coinbase welcomed former Defense Secretary Mark Esper, ex-Rep. Stephanie Murphy (D-Fla.), among additional policy notables to the Global Advisory Council, which commenced operations last May. Key figures in its foundation include former Senator Patrick Toomey (R-Pa.) and former Representatives Tim Ryan (D-Ohio) and Sean Patrick Maloney (D-N.Y.).</p>

    <aside class="ad-unit ad-unit--mr2_ab">
    </aside>

    <p>Meek is keen on leveraging his role on the Council to foster U.S. dominance in the realm of digital assets and to institute safeguards for disenfranchised populations. "I'm eager to leverage my position on the Council to propel the United States to the forefront in guiding the burgeoning sphere of digital assets and to ensure protective measures for vulnerable demographics," Meek stated.</p>
</div>
<p>Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.</p>

Source link

#Coinbase #adds #Rep #Kendrick #Meek #House #tees #crypto #vote