Is A Pro-Crypto Congress In The Works? Coinbase CLO Believes So

Paul Grewal, Coinbase’ Chief Legal Officer, is still confident about a pro-crypto Congress in the United States after the 2024 elections. During an interview recently, Grewal spoke to the way bipartisan support for legislation of digital assets may be achieved in comparison 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 should ultimately mean the crypto landscape focuses more on legislation rather 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 same interview, Grewal mentioned that campaigns run by former President Donald Trump and Vice President Kamala Harris have expressed interest in cryptocurrencies. According to him, a pro-crypto Congress is probably going to develop regardless of the results of the election, therefore signifying a notable change in political perceptions on cryptocurrencies.

FIT 21 Bi-Partisan Support

Lawmakers are deliberating the FIT 21 bill in the Senate, after unanimously passing in the House on a bipartisan basis. Grewal pointed to growing consensus among representatives regarding crypto, as over 70 Democrats and Republicans came together in support of the bill in 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 legislation rather than litigation–the opposite of what the SEC has done.

He pointed out 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 US.

As of today, the market cap of cryptocurrencies stood at $1.95 trillion. Chart: TradingView.com

The pending legislation would allow for additional rule-making by regulators to address new challenges as they arise, providing a lasting framework that could survive changes in administration or Congressional leadership.

Pro-Crypto Congress

Grewal said that innovation in the crypto space is going so fast, it will always outrun the regulatory frameworks, adding that it should not hold back legislations like FIT 21.

Grewal also addressed Ohio’s importance in the political discussion on crypto, adding, “Ohio is increasingly a battleground that will determine the future of crypto legislation, with well over a million Ohioans now buying or selling digital assets.”

Image: TFTC.i

He added that both Senator Sherrod Brown and his opponent Bernie Moreno had better pay attention to the budding crypto constituency in Ohio, for it would prove to be the deciding factor in the election and beyond in terms of legislation.

If there is something concrete that speaks for the crypto industry, it is 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 United States.

Featured image from TFTC.i, chart from TradingView