Coinbase CEO Brian Armstrong expressed his views on the House of Representatives' vote on FIT21, considering it a significant event. He emphasized the importance of the Financial Innovation and Technology for the 21st Century Act in clarifying regulations within the cryptocurrency space.

According to Armstrong, the vote serves to ensure that American citizens are represented in the crypto realm, with regulations prioritizing customer protection and preventing non-state actors from disrupting the market. He also commended the advocacy efforts of Stand With Crypto.

FIT21 aims to establish a robust regulatory framework for digital assets online. Despite this, the Biden administration has expressed reservations about the bill, citing concerns over investor and customer safeguards.

Last year, the SEC initiated legal action against Coinbase, alleging violations of securities regulations. This action targeted thirteen cryptocurrencies, including Solana and Cardano, for allegedly being marketed as securities. The lawsuit followed the SEC's issuance of a Wells Notice against Coinbase.

Coinbase has long advocated for clearer regulations concerning digital assets in the United States. In March 2024, the company took further steps by petitioning the appeals court to compel the SEC to establish comprehensive regulatory guidelines for the benefit of all participants in the cryptocurrency industry.