Regulation
Coinbase CLO Pushes for Law-Based Cryptocurrency Regulation
Coinbase CLO Paul Grewal reiterated the need for law-backed cryptocurrency regulation amid the onslaught from the Securities and Exchange Commission. Cryptocurrency players have continued to push for industry-friendly rules this year with some small signs of progress. Grewal and Coinbase have remained very active in the same cause on social media.
Coinbase CLO Wants Legislative Regulation
Community pressure for cryptocurrency rules has led academics to analyze the current state of the market. In a recent post on X (formerly Twitter), Coinbase’s CLO responded to an educational article about the effects of the status quo by reaffirming the rules established by law. According to the study, the court’s administrative jurisprudence encourages agencies like SECOND to abandon the creation of legislative rules and instead resort to coercive measures.
“…“He concludes by using the example of the application of federal securities law to crypto assets and the failure of the Securities and Exchange Commission to promulgate regulations defining the scope of the laws to demonstrate the effects that the failure of agencies to promulgate regulations has on regulated industries.”
This is the status quo, as there is no regulation of cryptocurrencies, leading to a proliferation of lawsuits filed by the SEC. As a result, market commentators have highlighted the low sentiment associated with the migration of experts to countries with clearer rules. One example is companies that have pointed to Europe citing their headquarters due to the historical Markets in Crypto Asset (
Mica) regulation.
“In this area, you have to read the academic papers even if you don’t agree with all of them. @tphillips makes a compelling case that enforcement alone does not serve the public interest. We need regulation backed by laws,” Coinbase CLO wrote.
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Hope is there
Despite the scenario that has been going on for years, cryptocurrency enthusiasts say that a slight change is being observed in the stance of US lawmakers. This year, the progress of FIT21 and the attempts to crush Gary Gensler’s SAB 121 are being welcomed in many quarters.
As a result, cryptocurrency has become a major election issue, with potential regulations coming to the forefront. This election cycle has seen massive activity from crypto Super PACs to endorse pro-market candidates.
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David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in emerging technologies and has an eye for breaking news. Staying abreast of trends, David has reported on several niches including regulation, partnerships, crypto assets, stocks, NFTs, and more. Outside of financial markets, David enjoys cycling and horse riding.