Coinbase CLO Paul Grewal expressed optimism about the Democratic ticket’s approach to the crypto industry in the 2024 U.S. presidential election.
Paul Grewal, the chief legal officer of cryptocurrency exchange Coinbase, expressed his optimism regarding the Democratic ticket, despite the disparate strategies that the major party candidates are employing in the 2024 presidential election of the United States.
Grewal stated in a Sept. 3 interview with Bloomberg that Coinbase had been in contact with representatives from the campaigns of Democratic candidate Kamala Harris and Republican candidate Donald Trump regarding their efforts to engage with the industry prior to the November election.
Trump’s campaign had been “explicit” in its claims about adopting pro-crypto policies, according to the Coinbase CLO. However, he also suggested that Harris officials appeared to have an open-minded approach to digital assets.
“[W]e have been encouraged by the Harris campaign’s outreach, interest, and engagement in discussions regarding a novel approach to digital assets and crypto, despite the fact that the current administration, led by [Securities and Exchange Commission (SEC) Chair] Gary Gensler, continues to pursue regulation by enforcement,” stated Grewal.
Is there a pro-crypto Congress scheduled for 2025?
Congress has a restricted timeframe to enact legislation under its current leadership, as the US presidential election is only 63 days away. The House of Representatives and the Senate may experience a change in majority control in January 2025, contingent upon the results of the election.
Grewal stated that the Financial Innovation and Technology for the 21st Century (FIT21) Act, as well as legislation that could potentially impact the industry, were “top of mind” for many crypto companies, as well as the leadership at the SEC.
The measure was passed by the House in May and is currently pending the Senate’s review before US President Joe Biden can either sign it into law or issue a veto.
“We anticipate that progress will be made on that legislation in the fall, and we hope that both parties will embrace the structure and certainty it would provide, despite the fact that the presidential campaign is raging,” stated the Coinbase CLO.
“[W]e are going to see a pro-crypto Congress emerge, regardless of the particular outcome in individual races and, of course, the outcome in the presidential race.”
According to an August poll conducted by Fairleigh Dickinson University, Trump may have a higher level of support among crypto holders than Harris.
Although the Republican candidate has previously described Bitcoin as a “scam” and “based on thin air,” supporters of his 2024 campaign have observed him asserting his support for policies that benefit the industry.
In contrast, Vice President Harris has maintained a relatively low profile regarding blockchain and digital assets since the commencement of her campaign on July 21. The Democratic candidate would “support policies” for the crypto industry’s development, according to Brian Nelson, one of her senior advisers, in August.
Additionally, Democratic legislators and candidates who are supporting Harris have initiated a conversation with crypto industry advocates, proposing that her administration may implement policies that are beneficial to the industry if she is elected.
