Following Donald Trump’s win in the 2024 U.S. presidential election, Coinbase Chief Legal Officer Paul Grewal issued a call for immediate regulatory reform at the U.S. Securities and Exchange Commission (SEC). Early on November 6, Grewal took to X to highlight the need for changes under SEC Chair Gary Gensler.
Paul Grewal Pushes for SEC Dialogue and Rulemaking
“I hope @SECGov understands what has happened tonight. On many, many issues, voters said loud and clear that they want change. Crypto is no exception,” Grewal wrote, emphasizing the need for rulemaking and dialogue with the crypto sector. Grewal’s statement follows Coinbase’s ongoing legal disputes with the SEC, which sued the crypto exchange in June 2023, alleging securities law violations.
Despite these actions, Grewal has continued to advocate for regulatory clarity, arguing that while the SEC claims existing laws cover digital assets, there’s little guidance on applying these rules or achieving compliance. “Companies face punitive, retroactive SEC enforcement actions for failing to achieve the impossible,” he noted in a prior post on X.
Trump’s Win Sparks Optimism for Crypto-Friendly Policies
Trump has voiced strong support for pro-crypto regulations, promising reforms led by those who support rather than challenge the digital asset industry. He also pledged to replace SEC Chair Gary Gensler, whose enforcement-focused approach Trump sees as an obstacle to crypto innovation.
In a speech at the Bitcoin 2024 Conference, Trump underscored his intent: “We will have regulations, but from now on, the rules will be written by the people who love your industry, not hate your industry.” His administration’s focus on a favorable regulatory framework aligns with Grewal’s call for open dialogue and rulemaking to support the sector’s growth.
Mixed Reactions from Political Opposition
Kamala Harris, Trump’s Democratic opponent, had made efforts to court crypto voters in the final stretch of the campaign. She proposed a balanced approach that would encourage innovation in AI and digital assets while ensuring consumer protections. Harris’s team has remained quiet since Trump’s victory, though she is expected to address her supporters later today.
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