- Coinbase’s Chief Legal Officer Paul Grewal recently testified before the US House Committee on Agriculture.
- Grewal addressed the SEC’s lawsuit against Coinbase and called out the regulator for its enforcement-only approach.
- The Coinbase executives urged US politicians to adopt the recently unveiled Digital Asset Market Structure bill.
Coinbase’s Chief Legal Officer Paul Grewal recently appeared on Capitol Hill to testify before the US House Committee on Agriculture. During his testimony, Grewal called out the SEC for its enforcement-only approach in light of the regulator’s lawsuit against Coinbase. He also argued in favor of the Digital Asset Market Structure discussion draft that was unveiled by House Republicans last week.
Paul Grewal appeared before the US Congressional Committee to testify in the hearing titled, “The Future of Digital Assets: Providing Clarity for Digital Asset Spot Markets.” He presented Coinbase’s views on the Digital Asset Market Structure discussion draft that was released by House Agriculture Committee Chairman G.T. Thompson and Financial Services Committee Chairman Patrick McHenry.
The Coinbase lawyer began his testimony by addressing the SEC’s lawsuit against his firm. He informed the politicians that the regulator’s enforcement-only approach was hurting the country’s economic competitiveness. Grewal added that in the absence of clear rules for crypto, the solution was legislation rather than litigation.
Speaking on the discussion draft published by House Republicans, Paul Grewal stated that it was a strong step forward in providing regulatory clarity for the crypto industry. According to Grewal, the bill offered a “strong foundation on which to build a workable and balanced regulatory framework for crypto innovation within the US.”
Paul Grewal also emphasized the need to foster crypto innovation within the United States to prevent the technology from moving offshore. He underscored the importance of a regulatory framework, given that over 20% of Americans owned and used crypto.
The Coinbase executive urged the politicians to act on the discussion draft as soon as possible and move it through the legislative process. Coinbase strongly believes that the proposed bill will offer robust protection protections for consumers and investors and secure America’s innovative future.
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