Former Congressman Kendrick Meek from Florida has recently joined Coinbase's esteemed global advisory council, as reported by The Hill. Faryar Shirzad, Coinbase's chief policy officer, expressed enthusiasm for Meek's seasoned leadership, highlighting its significance in modernizing the system, especially with a growing number of 52 million Americans engaging in the crypto economy.

Meek's appointment coincides with the impending House vote on the Financial Innovation and Technology for the 21st Century Act (FIT21), a pivotal piece of legislation aimed at clarifying the regulation of digital assets. This bill delineates the roles of the Securities and Exchange Commission and the Commodity Futures Trading Commission, granting the CFTC enhanced oversight over most cryptocurrencies, treating them as commodities.

The FIT21 Act, which garnered bipartisan support in House committees last summer, now hinges on Democrat votes for passage in the full House. Meek, known for his tenure in Congress and advocacy for underserved communities, brings a wealth of experience to the council, emphasizing the potential of digital assets to address systemic financial issues and promote inclusivity.

Coinbase's advisory council boasts a roster of influential figures, including former Defense Secretary Mark Esper and former Rep. Stephanie Murphy. Meek's commitment to supporting American leadership in shaping digital asset regulations and safeguarding vulnerable communities underscores the council's dedication to fostering a fair and innovative financial landscape.

As the FIT21 initiative awaits approval, the prospect of the first crypto-focused regulation in the US looms large. The Blockchain Association's call for a comprehensive House floor vote signals a potential milestone in US crypto regulation, addressing concerns about regulatory approaches within the industry.