Coinbase adds former Congressman Kendrick Meek as House of Representatives ramps up cryptocurrency voting

Former Rep. Kendrick Meek (D-Fla.) will join Coinbase's global advisory board, the crypto trading giant first told The Hill.

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

FIT21 will make major changes to the regulation of digital assets, including cryptocurrencies, and will specifically expand the scope of the Commodity Futures Trading Commission to regulate most cryptocurrencies as commodities. The bill received bipartisan support in the House Agriculture and Finance Committees last summer, but will need Democratic support for consideration in the House later this month.

Mr. 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 the Congressional Black Caucus Foundation.

Coinbase estimates that approximately 52 million Americans own cryptocurrencies, and 41% of them identify as “racially diverse.”

“As we work to address the compounding economic stressors of our traditional financial system, digital assets are an important part of the system that has plagued our financial system and failed too many Americans. And now more than ever, there is a need for a fairer and more inclusive financial system for Black and Hispanic Americans and other underserved communities. It's becoming more urgent,” Meek said.

The former congressman will join a board of high-profile Washington insiders.

Last November, Coinbase added former Defense Secretary Mark Esper, former Rep. Stephanie Murphy (D-Fla.) and other policy heavyweights to its global advisory board, which was launched last May. Inaugural members included former Sen. Patrick Toomey (R-Pennsylvania) and former Reps. Tim Ryan (D-Ohio) and Sean Patrick Maloney (New York). Mr. Maloney left Congress in February.

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

Updated at 4:18 p.m. EDT.