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Donald Trump has claimed victory in the 2024 U.S. presidential election, with Kamala Harris conceding following a closely monitored contest. Current ballot results indicate Trump is ahead with 295 electoral votes, signaling the beginning of his second term, which is anticipated to bring significant changes across various sectors, including the cryptocurrency market.
In an interview with Cryptonews.com, Paul Grewal, Chief Legal Officer at Coinbase, emphasized the importance of Trump’s re-election as a pivotal moment for the industry.
Grewal characterized Trump’s victory as a “turning point” for the sector. He pointed out that with the most pro-crypto Congress assembled thus far, this result could pave the way for legislative and regulatory reforms that create clearer frameworks.
Trump’s Reelection to Revamp SEC and Crypto Regulation
Grewal expressed hope about the advancement of crucial legislation, such as the 21 Market Structure Bill, which has already passed in the House but is pending further deliberation in the Senate.
He also expects advancements in stablecoin regulation, which he suggested could progress during the next legislative session.
“We hope we’ll see a vote as early as during the lame duck term,” he remarked.
The Coinbase executive underscored the anticipated shift in regulatory approaches, particularly within the Securities and Exchange Commission (SEC), indicating that there may be a transition from depending on court cases to more direct rule-making.
I hope @SECGov comprehends what has transpired tonight. On numerous issues, voters clearly indicated their desire for change. Crypto is no exception.
Cease litigation against crypto. Begin discussions with crypto. Start rule-making now. There’s no reason to delay.— paulgrewal.eth (@iampaulgrewal) November 6, 2024
“More importantly, we are going to witness an administration at the Securities and Exchange Commission that acknowledges that crypto is something that 52 million Americans have owned and something that those Americans and many others want to be part of their financial future,” Grewal stated.
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While the ultimate decision will lie with the Trump administration and the Senate, Grewal expressed that the current SEC commissioner, Hester Peirce, would be an excellent candidate for the chair position.
“Hester Peirce has been a remarkable advocate on crypto matters for years and has a profound understanding of our challenges—the necessity to ensure investor safety at all times, while also fostering innovation,” Grewal remarked. “Regardless of who is chosen, it’s evident we will have a new SEC chair, leading to a reset in crypto policy, which we believe will be highly productive.”
Coinbase’s Anticipation of Engagement with Bipartisan Lawmakers
Paul Grewal further mentioned that the anticipated shift in crypto policy is expected to reach beyond the SEC to encompass other federal agencies such as the Department of Justice, the Commodity Futures Trading Commission (CFTC), and the Treasury Department.
“We will observe a genuine reset that prioritizes rules and laws over mere lawsuits and continuous litigation,” he concluded.
Regarding Coinbase, Grewal underscored the firm’s dedication to ongoing innovation despite previous regulatory challenges.
He highlighted the company’s emphasis on improving its Layer 2 solutions, advancing self-custodial wallets, and fostering new applications such as digital health records and content ownership.
Grewal also stressed Coinbase’s willingness to participate in conversations with government entities to help shape effective crypto regulations, reiterating the company’s readiness to collaborate with regulatory bodies to offer industry insights and formulate beneficial policies.
“Democrats will also play a significant role. That’s why Coinbase has worked diligently to provide our support and collaborate with both Democrats and Republicans who are open to approaching crypto in a thoughtful and balanced manner,” he added. “Tuesday’s developments truly signify a new era for crypto and the crypto voter, and, uh, we could not be more thrilled to take a leading role in facilitating that change.”
The post Coinbase CLO Paul Grewal: Trump’s Win Marks ‘Watershed Moment’ for Crypto Industry appeared first on Cryptonews.
