In an interview, Paul Grewal, Coinbase’s chief legal officer, said that a shift is coming in the U.S. cryptocurrency legislative landscape, predicting a “pro-crypto” Congress after the 2024 elections.
Grewal discusses on Bloomberg Crypto interview How partisan support for cryptocurrencies and evolving political dynamics will soon lead to more favorable crypto policies. Grewal mentioned how there is growing interest from both Democrats and Republicans in cryptocurrencies and digital assets.
“There’s no doubt about it; we’re going to see a pro-crypto Congress emerge, regardless of the outcome in individual races, and of course the outcome in the presidential race.”
Paul Grewal
This development stands in stark contrast to the current regulatory environment led by the SEC under Gary Gensler. Gensler has questioned the legitimacy of cryptocurrencies and Bitcoin (BTC), asserting that they are linked to fraud, manipulation, and illegal activities despite the SEC’s previous approval of Bitcoin exchange-traded funds.
Fit 21
Grewal’s optimism toward Congress appears to be rooted in recent bipartisan legislative efforts, such as the FIT 21 bill, which he described as a strong foundation for creating a clear market structure for cryptocurrencies while ensuring critical investor protections.
The bill passed with bipartisan support in the House of Representatives and is now under consideration in the Senate.
Grewal emphasized the growing recognition among lawmakers of the importance of cryptocurrencies, as evidenced by the support of 71 Democrats and Republicans in the House of Representatives.
Cryptocurrency Supporters Conference
Furthermore, 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 rather than litigation — a departure from the SEC’s current approach.
Grewal pointed to the global context, noting how other regions, particularly Europe, have adopted more practical and consistent encryption regulations, which could serve as a good model for the United States.
“We are seeing a more rational, realistic and rigorous approach in Europe, with a focus on legislation, not litigation.”
Grewal
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