Coinbase Global Inc. COIN Chief Legal Officer, Paul Grewal, voiced optimism that a pro-cryptocurrency Congress would emerge irrespective of the outcome of the upcoming presidential election.
What happened: During an interview with Bloomberg TV, Grewal, a well-known figure known for representing Coinbase’s positions on a variety of issues, underlined the importance of regulatory clarity to govern the cryptocurrency industry.
He specifically highlighted the progress made by the FIT21 bill, colloquially dubbed the “crypto bill.”
“And so we expect, even as the presidential campaign roars ahead, we’re going to see progress in the fall on that legislation and hopefully an embrace by both parties,” Grewal remarked.
The Coinbase executive said that the company has engaged with both the Donald Trump campaign and the Kamala Harris campaign.
“I will say that certainly, the Trump campaign has been more explicit in embracing specific concrete proposals for cryptocurrency and digital assets,” Grewal stated.
“But we’ve been encouraged that even as the current administration under Gary Gensler continues with its campaign of regulation by enforcement, the Harris campaign, which of course stands separate from the administration, has reached out and expressed an interest.”
Why It Matters: One of the biggest cryptocurrency-associated companies on Wall Street, Coinbase, has maintained that cryptocurrency is a non-partisan issue, and advocates from both sides of the political spectrum have championed its cause.
The cryptocurrency exchange has been at the forefront of political spending for the upcoming presidential election, committing over $90 million to back industry-friendly politicians.
The bulk of the funds have been poured into Fairshake, a pro-crypto super PAC.
Price Action: Shares of Coinbase closed 7.76% lower at 169.13 during Tuesday’s regular trading session, according to data from Benzinga Pro.
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