The post Coinbase’s Chief Legal Officer Paul Grewal Expressed Concerns About the Cryptocurrency Market! Here are the Details appeared on BitcoinEthereumNews.com.

At the Asia Blockchain Summit in Taipei, Coinbase’s Chief Legal Officer Paul Grewal called for a non-partisan approach to cryptocurrency regulation, emphasizing the need for bipartisan support to ensure the continued growth and development of the crypto industry. Coinbase’s Paul Grewal Calls for Non-Partisan Approach to Crypto Regulation Grewal’s remarks come amid growing political interest in crypto issues in the US, especially in light of recent statements by Republican candidate Donald Trump. During his interview, Grewal expressed his concern about the politicization of cryptocurrency and said he believes this could hinder its progress. “My number one concern is that crypto will become politicized and become a partisan issue that will at least slow it down and perhaps even worse, threaten its continued growth and development,” Grewal said. Grewal highlighted the limitations of existing regulatory frameworks such as the Howey Test, which was established in the 1940s to address real estate investments. He argued that this outdated test is impractical to apply to modern blockchain technology. “It needs to be understood that the Howey Test was developed in the context of Orange Grove real estate in Florida in the 1940s and 50s,” he said. He emphasized the importance of adapting legal precedents to new technologies and market developments, rather than rigidly adhering to old models. “It has always been recognized that precedent decisions, including those of the Supreme Court, are valid in particular contexts and must adapt to new technologies and problems emerging in markets and the economy more generally,” Grewal continued. Unlike the US, Grewal praised Asia for its progressive and flexible approach to cryptocurrency regulation. He noted that regulators in Hong Kong have been proactive in establishing a digital asset licensing framework and allowing crypto ETF issuers to offer in-kind redemptions, a practice not permitted by the SEC. *This…

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Filed under: News - @ August 8, 2024 6:14 am