According to TechFlow, on August 7, Coindesk reported that Coinbase Chief Legal Officer Paul Grewal said that cryptocurrencies should remain non-partisan. He emphasized that successful crypto policies must cross party lines and bring together the forces of both parties to promote policy modernization.
At the Bitcoin Nashville conference, Republican candidate Donald Trump received thunderous applause when he promised to fire Securities and Exchange Commission Chairman Gary Gensler. While the Republican Party has made cryptocurrency a priority, Grewal hopes it won’t become a partisan issue. He argued at the Taipei Asia Blockchain Summit that politicization would threaten the continued growth of cryptocurrency.
Grewal believes that the United States needs to move away from outdated frameworks such as the Howey Test to adapt to the realities of 21st century finance. In contrast, Asian regulators are more flexible in formulating rules and are able to learn from industry feedback. Grewal praised Hong Kong's review of the digital asset licensing framework in the fall of 2022, believing that this approach is more forward-looking.
He noted that in the United States, meaningful dialogue between the government and cryptocurrency policy remains challenging, but he is optimistic about the future of the country, believing that both major political parties are beginning to realize the importance of cryptocurrency. He concluded: "Cryptocurrency is ultimately code. There are many other issues we can debate in the United States and around the world, but we should reach a consensus on the function and operation of code."