Paul Grewal recently called for regulatory change at the U.S. Securities and Exchange Commission (SEC) under Gary Gensler’s leadership. Reflecting on the election results, Grewal expressed hope that the SEC recognizes voters’ demand for change, which includes reform for the crypto industry.
“Stop suing crypto. Start talking to crypto. Initiate rulemaking now. There’s no reason to wait,” Grewal urged on social media.
This message captures the frustration felt by many in the crypto sector, who see the SEC’s enforcement actions as inconsistent and unclear.
Ongoing Legal Battles and Calls for Clarity
Coinbase’s ongoing legal dispute with the SEC, which began in June 2023 over alleged securities violations, highlights the demand for clear digital asset guidelines. Grewal criticized the SEC’s reliance on “existing” rules without explaining how and when these rules apply to digital assets. He argued that firms face harsh penalties despite having no clear compliance roadmap.
“The SEC says the ‘existing’ rules work for digital assets, yet fails to specify when the rules apply or how companies can comply,” Grewal posted in October. He described the SEC’s actions as punitive and unfair to companies navigating regulatory uncertainty.
Trump’s Win Inspires Hope for Pro-Crypto Policies
Donald Trump’s election victory has given crypto supporters hope for friendlier regulations. During the Bitcoin 2024 Conference, Trump promised to establish rules designed by supporters of the digital asset industry. He assured that his administration would develop regulations with industry growth in mind.
Trump also plans to replace SEC Chair Gary Gensler, stating that Gensler’s enforcement-driven approach has hurt the sector. With Trump’s win securing 277 electoral votes, many in the crypto community anticipate regulatory reform.
Kamala Harris’ Position on Emerging Technologies
Vice President Kamala Harris has yet to release an official statement regarding the election outcome. However, her campaign recently reached out to crypto voters, pledging to support emerging technologies like AI and digital assets.
“We will encourage innovative technologies like AI and digital assets while protecting consumers and investors,” Harris said previously, promising a “safe business environment” with transparent regulations.
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