Coinbase CLO Paul Grewal: Trump’s Win Marks ‘Watershed Moment’ for Crypto Industry

Donald Trump has secured victory in the 2024 U.S. presidential election, with Kamala Harris conceding after a closely watched race. The current ballot count shows Trump leading with 295 electoral votes, marking the start of his second term, which is expected to bring important changes to various sectors, including the cryptocurrency industry.

In an interview with Cryptonews.com, Paul Grewal, Chief Legal Officer at Coinbase, highlighted the significance of Trump’s re-election as a crucial turning point for the industry.

Grewal described Trump’s win as a “watershed moment” for the sector. He noted that with the most pro-crypto Congress yet in place, this outcome could clear the way for legislative and regulatory changes that establish clearer guidelines.

Trump’s Reelection to Reset SEC and Crypto Regulation

Grewal expressed optimism about the potential advancement of key bills, such as the 21 Market Structure Bill, which has already passed in the House but awaits further action in the Senate.

He also anticipates progress on stablecoin regulation, which he indicated could move forward during the upcoming legislative session.

“We hope we’ll get a vote even as early as in the lame duck term,” he said.

The Coinbase executive highlighted the expected change in regulatory bodies’ approaches, particularly the Securities and Exchange Commission (SEC), noting that there might be a shift from reliance on court actions to more straightforward rule-making.

“More importantly, we are going to see an administration at the Securities and Exchange Commission that recognizes that crypto is something that 52 million Americans have owned and something that those Americans and many more want to see in their financial future,” stated Grewal.

Though the final decision will rest with the Trump administration and the Senate, Grewal expressed that the current SEC commissioner, Hester Peirce, would be an excellent candidate for the chair.

“Hester Pierce has been an outstanding voice on crypto issues for years and has a deep appreciation of our issues—the need to keep investors safe at all times, of course, but also the need to promote innovation,” said Grewal. “Regardless of who’s selected, it’s very clear we will get a new chair of the SEC and with that a reset on crypto policy and we think that’s going to be extremely productive.”

Coinbase’s Expectation of Dialogue with Bipartisan Lawmakers

Paul Grewal further noted that the shift in crypto policy is expected to extend beyond the SEC to include other federal agencies such as the Department of Justice, the Commodity Futures Trading Commission (CFTC), and the Treasury Department.

“We’re going to see a real reset that focuses on rules and law rather than simply lawsuits and endless litigation,” he concluded.

Regarding Coinbase, Grewal emphasized the company’s commitment to continued innovation despite past regulatory hurdles.

He pointed to the company’s focus on enhancing its Layer 2 solutions, advancing self-custodial wallets, and supporting new use cases like digital health records and content ownership.

Grewal also emphasized Coinbase’s openness to engaging in discussions with government bodies to help shape practical crypto regulations, reiterating the company’s willingness to collaborate with regulatory agencies to provide industry insights and develop policies that benefit the sector.

“Democrats are going to matter too. And that’s why Coinbase has worked so hard to lend our support and partner with both Democrats and Republicans who have expressed a willingness to approach crypto in a measured and balanced way,” he added. “Tuesday’s events really does signal a new day for crypto and the crypto voter, and, uh, we could not be more excited to play a leading role in making that happen.”

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