Coinbase CEO Brian Armstrong said to meet privately with House Democrats

Brian Armstrong, CEO of cryptocurrency exchange Coinbase Global ( NASDAQ: COIN ), is set to meet privately with House Democrats on Wednesday morning as Coinbase grapples with a lawsuit brought by the Securities and Exchange Commission, according to a recent media report. Armstrong has voiced his concerns about the lack of clear rules around the cryptocurrency space. In May, he said his U.S.-based company will always have a presence in the country, even though "the U.S. is a little bit behind right now” in terms of crypto regulation. At the meeting, Armstrong will discuss digital-asset legislation, among other related issues like tax, national security, privacy and climate, with members of the New Democrat Coalition, a caucus made up of almost 100 Democrats who take a pro-business stance, Bloomberg reported Monday, citing Democratic aides familiar with the plans. The news comes a month after the SEC sued Coinbase ( COIN ) for allegedly operating as an unregistered securities broker. But Coinbase denies the regulator's claims. "Instead of publishing a clear rule book, the SEC has taken a regulation by enforcement approach that is harming America," Armstrong wrote in a Twitter post on the same day his company got sued. "So if we need to avail ourselves of the courts to get clarity, so be it." Binance, the world's largest crypto exchange by trading volume, has also come under heightened regulatory scrutiny. On June 5, a day before Coinbase's ( COIN ) suit, the SEC accused Binance of operating illegally in the U.S. Dear readers : We recognize that politics often intersects with the financial news of the day, so we invite you to click here to click here to join the separate political discussion . More on Coinbase Global: Ripple ruling bodes well for Coinbase Global, altcoins Coinbase Vs. SEC: New Filings And A Heated Preliminary Hearing Ripple Ruling: Coinbase Might Be The Biggest Winner