Coinbase CLO Grewal Voices Optimism That a Pro-Cryptocurrency Congress Will Emerge Irrespective of the Outcome of the Upcoming Presidential Election

During an interview with Bloomberg TV, Grewal, a well-known figure known for representing Coinbase's positions on a variety of issues, underlined the importance of regulatory clarity to govern the cryptocurrency industry.

Coinbase Global Inc (NASDAQ:COIN) Chief Legal Officer Paul Grewal expressed optimism that a pro-cryptocurrency Congress will emerge, regardless of the outcome of the upcoming presidential election.

In an interview with Bloomberg TV, Grewal, who is known for representing Coinbase’s positions on various issues, highlighted the need for regulatory clarity to govern the cryptocurrency industry.

He specifically noted the progress made by the FIT21 bill, which is colloquially dubbed the "crypto bill."

"And so we expect, even as the presidential campaign roars ahead, we’re going to see progress in the fall on that legislation and hopefully an embrace by both parties," said Grewal.

The Coinbase executive also mentioned that the company has engaged with both the Donald Trump campaign and the Kamala Harris campaign.

"I will say that certainly, the Trump campaign has been more explicit in embracing specific concrete proposals for cryptocurrency and digital assets," said Grewal.

"But we’ve been encouraged that even as the current administration under Gary Gensler continues with its campaign of regulation by enforcement, the Harris campaign, which of course stands separate from the administration, has reached out and expressed an interest."

If the US actually wants to protect investors and consumers, it's kinda simple:

more legislation, less litigation.

Bloomberg reports that one of the largest cryptocurrency-associated companies on Wall Street, Coinbase, has maintained that cryptocurrency is a non-partisan issue, with advocates on both sides of the political spectrum championing its cause.

The cryptocurrency exchange has been at the forefront of political spending for the upcoming presidential election, committing over $90 million to support industry-friendly politicians.

The bulk of the funds have been channeled into Fairshake, a pro-crypto super PAC.

Coinbase shares closed 7.76% lower at $169.13 during Tuesday's regular trading session, according to data from Benzinga Pro.

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Photo by Kanchanara on Unsplash.

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