2024

Bitcoin

Gary

In an interview, Paul Grewal, Coinbase’s Chief Legal Officer, said that a shift is coming in the U.S. crypto legislative landscape. He forecasted the emergence of a “pro-crypto” Congress following the 2024 elections.&nbsp; 
Grewal discussed in a Bloomberg Crypto <a href="https://www.bloomberg.com/news/videos/2024-09-03/coinbase-s-grewal-says-we-will-see-a-pro-crypto-congress-video" target="_blank">interview</a> how <a href="https://crypto.news/harris-official-stance-on-crypto-update/" target="_blank">bipartisan support for crypto</a> and evolving political dynamics will soon lead to more favorable crypto policies. Grewal mentioned how there is a growing interest of both Democrats and Republicans toward crypto and digital assets.&nbsp; 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “There’s no question about it; we are going to see a pro-crypto Congress emerge, regardless of the particular outcome in individual races, and of course, the outcome in the presidential race.” 
 Paul Grewal 
</blockquote> 
This development starkly contrasts the current regulatory environment led by the SEC under Gary Gensler. Gensler <a href="https://crypto.news/sec-chair-gary-gensler-criticizes-bitcoin-calls-out-its-role-in-ransomware/" target="_blank">has questioned</a> crypto and Bitcoin’s (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) legitimacy, emphasizing its association with fraud, manipulation, and illicit activities despite the SEC’s earlier <a href="https://crypto.news/bitcoin-etf-approval-crypto-volume-spiked-market-cap-rose/" target="_blank">approval</a> of Bitcoin ETFs. 
 You might also like: <a rel="" href="https://crypto.news/sec-accuses-galois-capital-of-misleading-investors-custody-failures/"> SEC accuses Galois Capital of misleading investors, custody failures </a> 
<h2 class="wp-block-heading" id="fit-21">FIT 21</h2> 
Grewal’s optimism towards Congress seemed rooted in recent bipartisan legislative efforts, such as the <a rel="" href="https://crypto.news/ethereum-etfs-fit21-bill-bitcoin-71k-weekly-recap/">FIT 21 bill</a>, which he described as a strong foundation for establishing a clear market structure for cryptocurrencies while ensuring critical investor protections. 
The bill, which <a href="https://crypto.news/fit21-bill-passed-by-us-house-of-representatives/" target="_blank">passed with bipartisan support</a> in the House, is now <a href="https://crypto.news/mchenry-pushes-for-senate-approval-of-fit21-crypto-bill/" target="_blank">under consideration</a> in the Senate. 
Grewal emphasized the growing recognition among lawmakers of the importance of crypto, as shown by the support of 71 Democrats and Republicans in the House. 
 You might also like: <a rel="" href="https://crypto.news/north-korea-aggressively-targeting-crypto-firms-warns-fbi/"> North Korea ‘aggressively targeting’ crypto firms, warns FBI </a> 
<h2 class="wp-block-heading" id="pro-crypto-congress">Pro-crypto congress</h2> 
Moreover, Grewal discussed the broader implications of a pro-crypto Congress, suggesting that such a shift could lead to a regulatory environment more focused on legislation than on litigation—a departure from the current <a href="https://crypto.news/tag/sec/" target="_blank">SEC</a> approach.&nbsp; 
Grewal 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 U.S.&nbsp; 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “We’re seeing a much more sensible, pragmatic, and still tough approach being taken in Europe, focusing on legislation, not litigation.” 
 Grewal 
</blockquote>

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

Table of Contents

crypto.news

Other articles published on Sep 3, 2024

SUI Price Future Gloomy Despite Ongoing Rally, Risks Double-Digit Dip

Experts predict these coins will lead the bull run: Binance Coin, Intel Markets, Tron

Nexo Meets UK Crypto Regulation Criteria, Welcomes New Users After 10 months

Russia to Test Cryptocurrency for Cross-Border Payments Amid Western Sanctions

Analyst Forecasts Year-End Crypto Rally

WazirX Opens 2nd INR Withdrawal phase, Seeks ‘white knights’

Join our free newsletter for daily crypto updates!