Coinbase Adds Former Rep. Kendrick Meek as House Begins Crypto Vote

Former Rep. Kendrick Meek (D-Florida) is joining Coinbase’s global advisory board, the cryptocurrency trading giant first told The Hill.

Meek’s addition to the board comes ahead of the House vote on the Financial Innovation and Technology for the 21st Century (FIT21) Act.

FIT21 would big changes to the regulation of digital assets, including cryptocurrencies, notably expanding the jurisdiction of the Commodity Future Trading Commission to regulate most cryptocurrencies as commodities. While the bill received bipartisan support in the House Agriculture and Financial Services committees last summer, it will need Democratic support when it reaches the House floor. at the end of this month.

Meek represented Florida’s 17th Congressional District from 2003 to 2011 and was a member of the House Ways and Means Committee, the Democratic Steering and Policy Committee, and the Congressional Black Caucus. He also served as chairman of the board of directors of the Congressional Black Caucus Foundation.

Coinbase estimates that about 52 million Americans own crypto, with 41% identifying as “racially diverse.”

“As we work to address the growing economic stressors of the traditional financial system, digital assets offer new opportunities to solve the systemic problems that have plagued our financial system and failed many Americans. And for Black and Hispanic Americans and other underserved communities, the need for a more equitable and inclusive financial system has never been more urgent,” said Meek.

The former congressman joins a star-studded board of Washington insiders.

Last November, Coinbase added former Secretary of Defense Mark Esper, former Rep. Stephanie Murphy (D-Florida) and other political heavyweights to its global advisory board, launched last May. Its inaugural members included former Sen. Patrick Toomey (R-Pa.) and former Reps. Tim Ryan (D-Ohio) and Sean Patrick Maloney (DN.Y.). Maloney left the board earlier this year.

“I look forward to using my seat on the Council to support American leadership in defining the future of digital assets and building protections for vulnerable communities,” said Meek.

Updated at 4:18 pm. EDT.

This story originally appeared on thehill.com read the full story