Paul Grewal, the Chief Legal Officer of Coinbase, emphasized the importance of keeping cryptocurrency a non-partisan issue during a recent interview. He stressed that technology should transcend political divides for the sector to thrive, especially in the U.S.
Crypto as a Bipartisan Issue
Grewal highlighted that for cryptocurrency policy to succeed in the United States, it needs support from both major political parties. Speaking at the Asia Blockchain Summit in Taipei, he expressed concerns about crypto becoming a politicized, partisan issue, which could hinder its growth and development.
Antiquated Regulatory Frameworks
Grewal criticized the reliance on outdated frameworks like the Howey Test, developed in the mid-20th century, to regulate modern cryptocurrency markets. He argued that these precedents, while important, should not be applied rigidly to new technologies such as blockchain and crypto.
Learning from Asia
Grewal praised Asia’s approach to cryptocurrency regulation, noting that the region’s regulators are more open to building rules from the ground up while considering industry feedback. He cited Hong Kong’s digital asset license framework as an example of progressive regulation, contrasting it with the more rigid U.S. approach.
Optimism for U.S. Policy
Despite the challenges, Grewal remains optimistic about the future of crypto in the U.S. He believes that both major political parties are beginning to recognize the importance of cryptocurrency and the need for modernized policies.
Disclaimer:
The information provided on CoinsLately is for informational and educational purposes only. CoinsLately does not provide investment, financial, or legal advice. The content on this site represents the opinions and views of the authors and should not be considered professional financial advice.
Cryptocurrency investments are highly speculative and involve substantial risk. You should conduct your research and consult a qualified financial advisor before making any investment decisions. CoinsLately and its authors are not responsible for any financial losses or damages incurred due to the information provided on this site.
