In an interview, Paul Grewal, Coinbase’s chief legal officer, said that a shift in the crypto legislative landscape in the United States is coming. He predicted the emergence of a “pro-crypto” Congress after the 2024 elections.
Grewal analyzed in a Bloomberg article on cryptocurrencies interview as Bipartisan support for cryptocurrencies and evolving political dynamics will soon lead to more favorable crypto policies. Grewal mentioned how there is a growing interest from both Democrats and Republicans towards cryptocurrencies and digital assets.
“There is no doubt about it: we will see a pro-cryptocurrency Congress emerge, regardless of the particular outcome in individual elections and, of course, the outcome of the presidential race.”
Pablo Grewal
This development stands in stark contrast to the current regulatory environment led by the SEC under Gary Gensler. Gensler has questioned crypto and Bitcoin (Bitcoin) legitimacy, emphasizing its association with fraud, manipulation and illicit activities despite the SEC’s previous decision. approval of Bitcoin ETFs.
SETTING 21
Grewal’s optimism toward Congress seemed to have its roots in recent bipartisan legislative efforts, such as the FIT 21 Billwhich he described as a solid foundation for establishing a clear market structure for cryptocurrencies while ensuring critical protections for investors.
The bill, which Approved with bipartisan support In the house, now is is being considered in the Senate.
Grewal highlighted the growing recognition among lawmakers of the importance of cryptocurrencies, as evidenced by the support of 71 Democrats and Republicans in the House.
Pro-cryptocurrency Congress
Additionally, Grewal discussed the broader implications of a pro-cryptocurrency Congress, suggesting that such a shift could lead to a regulatory environment more focused on legislation than litigation, a change from the current one. SECOND approach.
Grewal highlighted the global context, noting how other regions, particularly Europe, have adopted more pragmatic and consistent crypto regulations, which could serve as a good model for the United States.
“We are seeing a much more sensible, pragmatic and even tough approach being taken in Europe, focusing on legislation rather than litigation.”
Crewal
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