Originally published on: November 06, 2024
Following Donald Trump’s re-election, Coinbase’s chief legal officer, Paul Grewal, is urging the SEC to change its stance towards cryptocurrencies. Grewal hopes for a regulatory framework that prioritizes open dialogue and innovation instead of litigation, aligning with the frustrations of crypto advocates towards the regulator’s enforcement actions.
With Trump announcing his plans to dismiss SEC Chair Gary Gensler, there are speculations of a potential shakeup within the SEC that could impact the future of crypto in the US.
After securing his victory, Trump vowed to unify the nation and bring about positive change. As part of his agenda, he promised to remove Gensler and end what he dubbed as the previous administration’s “anti-crypto crusade.”
Gensler’s tenure saw the SEC taking legal action against prominent crypto entities, causing uncertainty among crypto companies on compliance without clear regulations. Grewal suggests that regulatory clarity can be achieved through rulemaking.
The announcement of Gensler’s potential removal has sparked discussions about his successor, with names like Hester Peirce emerging as pro-crypto candidates due to their favorable stance on cryptocurrencies. Peirce, known as “Crypto Mom,” advocates for regulatory clarity to benefit the public interest and position the US positively in global digital finance.
Despite the call for transparency by the SEC, Coinbase faced scrutiny over allegations of charging high fees for token listings. Founders like Justin Sun and Andre Cronje claimed that Coinbase requested millions of dollars for listing fees, contradicting Coinbase’s statement that asset listings are free.
For an in-depth analysis of Trump’s victory and its impact on the crypto market, don’t miss today’s “Rise’n’Crypto” podcast from Cointelegraph.
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