A ‘pro-crypto’ congress is coming: Coinbase CLO

Coinbase Chief Legal Officer Paul Grewal said in an interview that a shift is coming in the U.S. crypto legislative landscape. He predicted that a “pro-crypto” Congress will emerge following the 2024 elections.

Grewal explained in a Bloomberg Crypto interview that bipartisan support for crypto and evolving political dynamics will soon lead to more positive crypto policies. Grewal noted that there is increasing interest in crypto and digital assets from both Democrats and Republicans.

“There is no doubt that we will see the emergence of a pro-crypto Congress, regardless of the specific outcomes in individual races and of course the outcome in the presidential race.”

Paul Grewal

This development is in sharp contrast to the current regulatory landscape of the SEC, led by Gary Gensler. Gensler has questioned the legitimacy of crypto and Bitcoin (BTC), highlighting its association with fraud, manipulation, and illegal activities, despite the SEC previously approving Bitcoin ETFs.

SUITABLE 21

Grewal’s optimism for Congress appears to be based on recent bipartisan legislative efforts like the FIT 21 bill, which he describes as a strong foundation that creates a clear market structure for cryptocurrencies while also ensuring critical investor protections.

The bill, which passed the House of Representatives with bipartisan support, is currently being considered in the Senate.

Grewal emphasized that the importance of cryptocurrencies is increasingly being recognized among lawmakers, with the support of 71 Democrats and Republicans in the House of Representatives.

Pro-crypto congress

Grewal also addressed the broader implications of a pro-crypto Congress, suggesting that such a shift could lead to a regulatory environment focused on legislation rather than litigation, which would be a departure from the SEC’s current approach.

Grewal noted the global context, noting that Europe in particular has adopted more pragmatic and consistent crypto regulations, which could be a good model for the United States.

“We are seeing a much more sensible, pragmatic and still tough approach being taken in Europe, focusing on legislation rather than litigation.”

Greval