Coinbase Chief Legal Officer Paul Grewal has predicted a change in the enforcement strategy of the Securities and Exchange Commission (SEC). The Coinbase executive made this prediction after the results of the just concluded United States elections crowned Donald Trump as the winner. He noted that it is time for the government to provide clarity and support innovation in the crypto sector.
Grewal mentioned that the industry should be allowed to grow to match the appetite of its users. He noted that the results of the election have reflected the will of the over 52 million residents of America who own digital assets. He emphasized on the results showing that crypto users preferred the industry to be non-partisan. He also urged Democrats and Republicans to cooperate and ensure that sensible regulations are proposed to ensure the fair treatment of the space.
Grewal foresees SEC’s crypto enforcement strategy overhaul
The Coinbase CLO also predicted a change in the direction of the agency’s prosecution when a new Trump-appointed chair takes the reins. He said the new chairman will examine the cases pending prosecution under Gensler and determine who is guilty and who is not. According to a Fox Business correspondent, Grewal stopped short of highlighting cases like the one against Coinbase for security violations should be cleared.
Coinbase CEO Brian Armstrong has previously mentioned that a new chairman should start his tenure by withdrawing all frivolous cases and apologizing to Americans. While he mentioned that the apology will not repair what is already done, it will begin the process of restoring faith in the regulatory agency.
Grewal was adamant about needing a fresh pair of eyes to execute a change at the top and drum up clear regulations. He said the time for lawsuits is over and the regulator needs to start doing things to help the industry. Grewal said that the sporadic growth of the crypto industry needed a collaborative approach that would drive growth in the sector.
Grewal also mentioned that working together will bring about the crypto industry that Americans want. Trump’s decision to fire SEC Gary Gensler as his first act as president has been hailed as a pro-crypto approach. Rumors have put SEC Commissioner Hester Peirce in the driving seat to replace Gensler.
Coinbase set to push for policy changes
In issues relating to policy changes and scrutiny, Coinbase has been catching heat in the crypto sector over its high token listing fees. Andre Cronje and Justin Sun were two of those who recently confirmed the exchange’s action. According to both parties, Coinbase charges millions of dollars to list tokens on its platform.
Sun, the owner of TRON, claimed that the exchange demanded about $300 million to list TRX. In addition, the exchange asked for $80 million worth of TRX and a deposit of $250 million worth of Bitcoin. Similarly, Cronje complained that the exchange demanded between $30 million to $300 million to list the FTM token.
Responding to the allegations, Coinbase CEO Brian Armstrong mentioned that listing tokens on the exchange was free provided the company involved meets the threshold. However, Monrock Capital CEO Simon Dedic held a skeptical stance on his statement after facing the same issue with Binance.
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