Pro crypto Congress: Paul Grewal sees change in US cryptor regulation

Pro crypto Congress: Paul Grewal sees change in US cryptor regulation

In an revealing interview with Bloomberg Crypto, Paul Grewal, Chief Legal Officer from Coinbase, promised the possibilities of a significant turn in American crypto legislation. He expressed the forecast that after the elections in 2024 a congress could arise that will strongly support the interests of the cryptocurrency industry. This would represent a fundamental change in the way politicians and regulatory authorities look at cryptocurrencies.

The trend towards a more positive perception of cryptocurrencies cannot be overlooked. While the dialogue about digital currencies in recent years has often concentrated on regulatory hurdles, the latest developments indicate that both Democrats and Republicans begin to take the potential of these technologies seriously.

bipartisan progress and legislation

Such a significant change is also supported by the FIT 21 draft law, which was recently adopted in the House of Representatives. Grewal emphasizes that this draft law should not only serve as a framework for a clear market structure, but also ensures the necessary protection of investors. This bipartisane initiative indicates that there is increasing willingness to accept cryptocurrencies as part of a regulated market both on the political front stage and in public

The positive signals from Washington D.C. are supplemented by a global perspective. In Europe, progressive regulations in relation to cryptocurrencies are already implemented that could serve as a model for the USA. Grewal estimates that the European approach, which focuses on legislative progress instead of legal disputes, could be a role model for the United States.

criticism of the sec and the future prospects

The Securities and Exchange Commission (SEC), under the direction of Gary Gensler, is currently criticized, especially for their ambivalent attitude towards crypto-assets. Gensler's skepticism, especially against Bitcoin (BTC), is viewed by many as a hindrance to progress in the regulatory landscape, especially because it often associated cryptocurrency with fraud and illegal activities. This draws parallels to the earlier efforts of the SEC to approved Bitcoin ETFs, which conveys the image of inconsistent regulation.

Nevertheless, Grewal remains optimistic about the development of the laws on cryptocurrency in the United States. He points out that, regardless of the election results, a pro-crypto congress could be formed that not only transform the industry, but also affect the public perception of cryptocurrencies. His clear commitment to the likelihood of proactive legislation underlines the potential for structural change in dealing with digital money.

"There is no question; we will see a pro-crypto congress, regardless of the outcome of individual election campaigns and the presidential election," said Grewal, convinced that the upcoming political changes will not have an impact on the acceptance and regulation of cryptocurrencies in the USA.