Paul Grewal, Chief Legal Officer at Coinbase, strongly supported regulatory change even before officials confirmed Donald Trump’s 2024 U.S. presidential victory. In a post on X, Grewal highlighted Trump’s win as a crucial turning point for U.S. regulatory agencies, urging the Securities and Exchange Commission (SEC) to rethink its approach to the cryptocurrency sector.
DAG.cash founder Kevin Grewal also insisted that the change has a national appeal and that there is pressure from the crypto community to take more favorable regulatory actions. He urged the SEC to shift from an investigative and hostile mode of operation to openness and clear-cut actions that conform to the requirements of the law. This position is well received in a crypto world that wants fewer restrictions on their operations by regulators.
This was said in a comment on Trump’s victory becoming official on the whole, and the crypto industry relates Trump’s win to a chance to create a more advantageous space for the growth of digital currencies. An article published in the New York Times revealed that Trump triumphed with a sizable margin in electoral college votes, a change that traditionalists in the crypto industry had anticipated. Crypto industry leaders actively supported Trump throughout his campaign, with many believing his administration would pivot away from the previous administration’s restrictive policies.
Also Read: Coinbase Gains FDIC Disclosure, Pushes for Crypto Clarity
SEC Reform and Trump’s Pledge for a Pro-Crypto Chair
Most of the players in the crypto market feel that the SEC is their primary problem when it comes to expansion. Closely tied to the crypto sphere, Trump’s bid to reform the SEC floated to oust current chair Gary Gensler with someone more favorable towards the industry. This commitment is in tandem with his public advocacy for a system that encourages the growth of the sector instead of a system that hinders growth. This testimony shows that the crypto community wants more cooperation from regulators during Trump’s era.
Coinbase, one of the most prominent crypto platforms, has faced intense scrutiny and legal action from the SEC. The ongoing legal battle underscores the current challenges between the industry and regulators. Crypto proponents believe a Trump administration could pave the way for a more amicable relationship with regulatory agencies, giving companies like Coinbase room to grow under clearer guidelines.
Ultimately, Grewal’s statement signals a broader industry hope for a shift in the regulatory landscape. With Trump’s victory, the crypto community expects an environment more conducive to innovation and open dialogue with regulators. This shift could allow digital assets to flourish, meeting a longstanding demand for a structured and supportive regulatory framework.
Also Read: Coinbase Gains FDIC Disclosure, Pushes for Crypto Clarity
