Coinbase CLO Paul Grewal has reiterated the necessity for cryptocurrency laws supported by statutes in response to the vigorous enforcement actions taken by the Securities and Exchange Commission.
Cryptocurrency advocates persistently advocate for regulations that are favorable to the industry, and there are some indications of limited advancement in this regard. Grewal and Coinbase have consistently supported the cause on various social media platforms, Coingape reported.
Coinbase CLO Wants Legislative Rulemaking
Academics have examined the current market position due to the community’s drive for cryptocurrency regulations. In a recent post on X (previously Twitter), the Chief Legal Officer (CLO) of Coinbase responded to an educational article about the consequences of the current situation by reiterating the legally established regulations.
Based on the research, the court’s administrative jurisprudence promotes the idea that agencies such as the SEC should refrain from adopting legislative rules and instead focus on enforcement measures.
“…it concludes by using the example of federal securities law application to crypto assets and the Securities and Exchange Commission’s inability to promulgate regulations defining the laws’ scope to demonstrate the effects that agencies’ inability to enact regulations places on regulated industries.”
The current situation lacks crypto regulation, resulting in a profusion of lawsuits by the SEC. Consequently, market analysts have attributed the decline in market sentiment to the emigration of skilled professionals to nations with more transparent regulations. One example is companies that indicated Europe as their headquarters due to the significant impact of the Markets in Crypto Asset (MiCA) law.
“In this line of work, you gotta read academic pieces even if you don’t agree with all of them. @tphillips makes a compelling case that enforcement alone doesn’t serve the public interest. We need rulemaking framed by statutes,” Coinbase CLO wrote.
Hope Lies Ahead
Despite the prolonged duration of the situation, cryptocurrency aficionados observe a subtle shift in the position of United States legislators. Many highly praise FIT21’s advancements and efforts to counter Gary Gensler’s SAB 121.
Consequently, cryptocurrency has emerged as a prominent topic in elections, indicating the need for possible legislation. The current election cycle has seen significant involvement from crypto Super PACs, funding candidates who support free-market policies.
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