Coinbase CLO Paul Grewal references the US election result to address the SEC’s negative approach to crypto regulation.
Grewal, chief legal officer of the San Francisco-based exchange Coinbase, mentioned that American voters have expressed a strong desire for change on several issues, including crypto regulation.
He encouraged the SEC to change its current approach to crypto regulation to take a more favorable stance. Specifically, Grewal called on the SEC to engage directly with crypto-related companies instead of taking them to court. Furthermore, Grewal advised the regulator to immediately initiate rulemaking, which could provide clear regulations for the crypto industry.
More than 200 pro-crypto candidates win
Grewal’s comment is a reaction to the election result, which saw voters mobilize to change the status quo. Ahead of the election, crypto enthusiasts expressed support only for pro-crypto candidates in various offices, including the presidency.
Earlier today, The Crypto Basic reported that around 238 pro-crypto candidates led the charge in the US Congressional elections. While 224 were elected to the House of Representatives, 14 are headed to the Senate.
For many crypto fans, the most exciting part of the 2024 US election results is the emergence of Donald Trump as president-elect.
Trump’s support for the industry is common knowledge, as he has consistently revealed how he plans to make America the “crypto capital of the world.” Part of his crypto campaign promises include firing SEC Chairman Gary Gensler on his first day in office.
SEC operations under Gensler
Many in the industry view Gensler as a major threat to crypto. Under his leadership, the SEC has been aggressive, taking multiple enforcement actions against crypto companies.
Coinbase is one of the victims of Gensler’s SEC enforcement action. Last year, the SEC accused Coinbase of violating federal securities laws by operating as an unregistered exchange.
A federal judge denied the exchange’s request for an early dismissal of the SEC’s charges in March. The trial could see a major turning point in the coming weeks when more than 200 pro-crypto candidates are sworn in, coupled with a potentially new SEC administration.
Currently, there is speculation that the new SEC administration may review and possibly drop most of the lawsuits against the industry. Whether this will become a reality remains to be seen.
DisClamier: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
