Coinbase CLO Urges Clear Crypto Rules as US Falls Behind on Capitol Hill

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  • Coinbase CLO Paul Grewal to testify at Capitol Hill for clear crypto rules.
  • Grewal mentioned that the United States is falling behind.
  • In addition, Grewal is set to speak on the Digital Asset Market Structure Discussion Draft.

Coinbase chief legal officer Paul Grewal has recently announced that he will be testifying on Capitol Hill before the House Committee on Agriculture. In a long Twitter thread, he stated that the testimony addresses the necessity for clear crypto rules and the Digital Asset Market Structure Discussion Draft.

Grewal chalked out the summary of what he will be presenting at the testimony, with the primary focus on the necessity for clear crypto rules to protect American leadership and consumers.

I wanted to preview the three core points I plan to make to our elected officials: (1) the US is falling behind; (2) crypto is solving real-world problems, and we need a clear path forward to protect responsible innovation; and (3) the Digital Asset Market Structure Discussion Draft.

Grewal will address the topic of the United States relative position in the crypto sector and highlight the significance of not overlooking its potential. He will emphasize that it is crucial for the country to consider the developments in other markets where rules and regulations are being established to facilitate the growth of the industry.

Moreover, Grewal added that neglecting this aspect could lead to the potential loss of employment opportunities, investments, and technological advancements overseas.

In addition, the Coinbase CLO will talk about how regulation plays a vital role in setting transparent guidelines for the industry. He stated that it serves as a mechanism to ensure accountability, particularly in identifying and addressing any potential wrongdoing.

According to Grewal, U.S. legislation supports innovation among law-abiding individuals and entities while ensuring that those engaging in illicit activities are held responsible for their actions.

The testimony will also cover how to define digital assets and what will happen if they fail to classify them appropriately. Grewal also stressed the Digital Asset Market Structure Discussion Draft and how it can be a robust step towards developing a well-structured regulatory regime.

Ultimately, it is not just Coinbase that will be participating in the testimony. Robinhood representatives, along with the United States commodities regulator, will also be testifying before Congress on June 6.