Following Trump’s presidential win, Coinbase’s CLO Paul Grewal called on the SEC for immediate reforms in a post on X early on November 6.
Paul Grewal Calls For Reform At Gary Gensler’s SEC
“I hope @SECGov understands what has happened tonight. On many, many issues, the voters said loud and clear that they want change. Crypto is no exception,” Grewal stated.
I hope @SECGov understands what has happened tonight. On many, many issues, the voters said loud and clear that they want change. Crypto is no exception.
Stop suing crypto. Start talking to crypto. Initiate rulemaking now. There's no reason to wait.— paulgrewal.eth (@iampaulgrewal) November 6, 2024
“Stop suing crypto. Start talking to crypto. Initiate rulemaking now. There’s no reason to wait,” he added.
Grewal’s call for regulatory clarity follows months of legal disputes between Coinbase and the SEC, with no resolution in sight.
The SEC proclaims the “existing” rules work for digital assets, yet gives no indication as to when the rules apply and how digital-asset firms possibly can comply with them. Meanwhile, companies face punitive, retroactive SEC enforcement actions for failing to achieve the…
— paulgrewal.eth (@iampaulgrewal) October 28, 2024
The crypto exchange, which was sued by the federal agency in June 2023 for allegedly violating U.S. securities laws, is currently locked in a heated legal battle with the SEC in hopes of obtaining clear digital asset guidelines.
“The SEC proclaims the ‘existing’ rules work for digital assets,” he argued in an October 28 post on X, “yet gives no indication as to when the rules apply and how digital-asset firms can possibly comply with them. Meanwhile, companies face punitive, retroactive SEC enforcement actions for failing to achieve the impossible.”
Donald Trump’s Victory Spurs Hope for Crypto-Friendly Regulation
Trump has long advocated for a pro-crypto regulatory framework, promising to enact crypto-friendly regulations as part of his return to the White House.
“We will have regulations, but from now on, the rules will be written by the people who love your industry, not hate your industry,” Trump stated, addressing attendees at the Bitcoin 2024 Conference this past summer.
He added that his administration would prioritize a favorable regulatory framework.
The New York-born businessman has further pledged to replace SEC Chair Gary Gensler due to his regulation-by-enforcement approach, a method Trump believes has stifled the digital asset industry.
The former U.S. president previously warned that the blockchain sector would be “living in hell” if he lost this year’s presidential race—though with Trump at 277 electoral college votes as of Wednesday morning, digital asset supporters of the polarizing political figure appear to have little reason for concern.
As Trump’s policy vision gains traction, the opposition remains more reserved on specific measures.
Kamala Harris’ camp has stayed relatively quiet since Trump took the lead last night.
Vice President Kamala Harris is expected to address the nation today to officially concede the 2024 presidential election to Donald Trump. But the timing of her speech is not immediately known. https://t.co/zFnKhKLD57
— NBC Bay Area (@nbcbayarea) November 6, 2024
Though she has yet to make a public appearance, Harris is expected to address her supporters later today at Howard University.
The one-time top prosecutor’s campaign had attempted to court crypto voters in recent weeks, with the Democratic nominee pledging to bolster emerging tech sectors had she won.
“We will encourage innovative technologies like AI and digital assets while protecting consumers and investors,” Harris explained. “We will create a safe business environment with consistent and transparent rules of the road.”
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