PANews reported on August 7 that according to Coindesk, Paul Grewal, chief legal officer of Coinbase, said: "My biggest concern is that cryptocurrency has become politicized in the United States and has become a partisan issue, which will at least slow down or even threaten its continued growth and development." He emphasized that policy modernization requires support from both parties in the United States. He said: "We need to understand that the Howey test was developed in the context of Florida's orange grove real estate in the 1940s and 1950s." He believes that it makes no practical sense to apply the Howey test "blindly and mechanically" to blockchain and cryptocurrency.
He also said: "Even precedents from the Supreme Court have always been considered applicable to specific situations and need to be adapted to new technologies and problems that arise in the market and the economy. It is important to respect precedents and use the wisdom gained from decades of applying them in various other situations, rather than being beholden to them in an unrealistic way. For me, the most encouraging thing about Asia is that people are focusing on specific issues and almost not on ideology. In contrast, in the United States, it is a challenge to have a meaningful dialogue with large parts of the government when it comes to cryptocurrency and policy." However, he remains optimistic about the United States because both major political parties are beginning to recognize the importance of cryptocurrency.
He concluded: “At the end of the day, crypto is code. There are so many other issues that divide us here in the United States and around the world. We should be able to agree on what code is and how it works.”