Regulation
Coinbase CLO Pushes for Statute-Based Crypto Regulations
Coinbase CLO Paul Grewal reiterated the need for statute-backed cryptocurrency regulation amid an enforcement onslaught from the Securities and Exchange Commission. Crypto stakeholders continued to push for pro-industry rules this year with little sign of progress. Grewal and Coinbase continued to make the same case on social media.
Coinbase CLO Wants Legislative Regulation
The community push for cryptocurrency regulation has seen academics analyze the current market position. In a recent post on X (formerly Twitter), the Coinbase CLO responded to an educational piece on the effects of the status quo by rewording the legally created rules. According to the research, the court’s administrative jurisprudence encourages agencies such as the SEC abandon the creation of legislative norms and instead adopt coercive measures.
“…concludes by using the example of the application of federal securities law to cryptocurrencies and the failure of the Securities and Exchange Commission to promulgate regulations defining the scope of the laws to demonstrate the effects that the agencies’ failure to issue regulations has on regulated industries.”
This is the status quo as there is a lack of regulation of cryptocurrencies, which leads to a proliferation of lawsuits by the SEC. As a result, market commentators have highlighted the low sentiments associated with the migration of experts to countries with clearer rules. An example is the companies that have reported Europe citing the headquarters due to the reference Markets in Crypto Asset (
Not) regulation.
“In this line of work, you have to read scholarly pieces even if you don’t agree with everything. @tphillips makes a compelling case that enforcement alone doesn’t serve the public interest. We need regulation framed by statutes,” Wrote Coinbase CLO.
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Hope is ahead of us
Despite the scenario that has been dragging on for years, cryptocurrency enthusiasts say that there is a slight change in the position of US lawmakers. This year, the progress of FIT21 and efforts to silence Gary Gensler’s SAB 121 are being praised in many quarters.
As a result, cryptocurrency has become a mainstream election issue pointing to potential regulation. This election cycle has seen massive activity by cryptocurrency Super PACs to sponsor pro-market candidates.
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David is a financial news contributor with 4 years of experience in Blockchain and cryptocurrency. He is interested in learning about emerging technologies and has an eye for breaking news. Keeping up to date with trends, David has written in several niches including regulation, partnerships, cryptocurrency, stocks, NFTs, etc. Away from the financial markets, David enjoys cycling and horseback riding.