Paul Grewal, Coinbase’ Chief Legal Officer, remains to be confident a couple of pro-crypto Congress in the USA after the 2024 elections. During an interview recently, Grewal spoke to the way in which bipartisan support for laws of digital assets could also be achieved compared to the skeptical approach by the US Securities and Exchange Commission under Gary Gensler.
Grewal said the bipartisan bill FIT 21 is a founding block for clear regulations and investor protection, and this could ultimately mean the crypto landscape focuses more on laws fairly than litigation. He also named European regulations as perhaps setting a model for the US approach toward crypto regulation.
Political Campaigns Embrace Crypto
In the identical interview, Grewal mentioned that campaigns run by former President Donald Trump and Vice President Kamala Harris have expressed interest in cryptocurrencies. Based on him, a pro-crypto Congress might be going to develop whatever the results of the election, due to this fact signifying a notable change in political perceptions on cryptocurrencies.
FIT 21 Bi-Partisan Support
Lawmakers are deliberating the FIT 21 bill within the Senate, after unanimously passing within the House on a bipartisan basis. Grewal pointed to growing consensus amongst representatives regarding crypto, as over 70 Democrats and Republicans got here together in support of the bill within the House.
Crypto Regulatory Landscape
Grewal spoke to the greater implications of a pro-crypto Congress; such would, if anything, truly set into motion a regulatory environment centered on laws fairly than litigation–the opposite of what the SEC has done.
He identified the worldwide context, noting how other regions, particularly Europe, have adopted more pragmatic and consistent crypto regulations, which could function model for the US.
As of today, the market cap of cryptocurrencies stood at $1.95 trillion. Chart: TradingView.com
The pending laws would allow for added rule-making by regulators to deal with recent challenges as they arise, providing an enduring framework that would survive changes in administration or Congressional leadership.
Pro-Crypto Congress
Grewal said that innovation within the crypto space goes so fast, it’ll at all times outrun the regulatory frameworks, adding that it mustn’t hold back legislations like FIT 21.
Grewal also addressed Ohio’s importance within the political discussion on crypto, adding, “Ohio is increasingly a battleground that may determine the long run of crypto laws, with well over one million Ohioans now buying or selling digital assets.”
Image: TFTC.i
He added that each Senator Sherrod Brown and his opponent Bernie Moreno had higher concentrate to the budding crypto constituency in Ohio, for it could prove to be the deciding consider the election and beyond by way of laws.
If there’s something concrete that speaks for the crypto industry, it’s the very lucid picture given by the Chief Legal Officer at Coinbase: a pro-crypto Congress means, naturally, a friendly regulatory environment for the digital currencies in the USA.
Featured image from TFTC.i, chart from TradingView