- Coinbase’s Paul Grewal will testify before the House Committee on Agricultural Services.
- He will discuss the new Digital Asset Market Structure Draft.
- This is crucial to have a clear set of rules for crypto in the USA.
Coinbase’s Paul Grewal is set to testify before the House Committee on Agriculture. He will discuss the importance of setting clear rules and regulations for cryptos in the United States.
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In his upcoming testimony, Grewal plans to draw attention to three key points. First, he says that the US is falling behind other countries in terms of crypto regulation. He says this will result in missed opportunities for economic growth and national security.
Countries like the EU, the UK, Australia, Singapore, and China are actively placing regulatory frameworks to elevate innovation and protect users. Grewal also mentions the real-world problem-solving abilities of cryptos and the need to protect responsible innovation.
He points out that digital assets open unique and diverse doors. These range from more efficient international payments to health records on the blockchain. Given that over 20% of Americans own and use cryptos, a regulatory framework is necessary. This will ensure user protection and enable rapid growth of this technology.
Lastly, Grewal praises the Digital Asset Market Structure Discussion Draft as a positive step toward regulatory clarity. He asserts that Congress should define when digital assets and their underlying technologies should be regulated as commodities or securities. In addition, it must also recognize situations where financial regulations may not apply.
The Discussion Draft builds upon existing regulations and adds key findings from President Biden’s Executive Order. This part offers a federal regulatory framework for spot trading of crypto commodities.
Grewal sees the need for further refinements to push bipartisan cooperation and advance the bill through the legislative process. Coinbase firmly believes that setting a clear rulebook through this bill is crucial for the protection of consumers, investors, and market participants in the industry.
Lastly, Grewal says that crypto is here to stay, and it is in America’s best interest to define and regulate digital assets, using a risk-based approach. By doing so, the US can maintain its lead as a technological head and provide a safer space for all Americans in the crypto space.
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