Cryptocurrency: Fights Back Against WarOnCrypto

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paulgrewal.eth @iampaulgrewal

Chief Legal Officer @coinbase. I talk a little crypto, a lot of law,
and way too much Ohio sports.
California, USA
Joined January 2015

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paulgrewal.eth @iampaulgrewal
1h
Earlier tonight the Third Circuit issued a short order in Coinbase’s
mandamus action today. The court noted the SEC’s suit against us this
morning and asked the SEC whether that means the SEC has decided to
deny our pending petition for rulemaking. The SEC has 7 days to
respond.
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paulgrewal.eth @iampaulgrewal
1h
We continue to believe that the SEC could not be proceeding with
litigation against our industry, like the case filed against us today,
if the SEC had not already decided to deny our petition for
rulemaking.
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paulgrewal.eth @iampaulgrewal
1h
We continue to believe that rules of the road, from legislation or
rulemaking or both, must come before enforcement actions. That is why
we petitioned the SEC for rulemaking nearly a year ago in the first
place.
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paulgrewal.eth @iampaulgrewal
1h
If the SEC’s answer to our petition for rulemaking is “no,” then they
are required by law to tell us, because we have the legal right to
question that “no” in court. And there are serious questions to be
asked.
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paulgrewal.eth @iampaulgrewal
1h
We appreciate the Third Circuit’s careful attention to this issue.
Some may dismiss this as a small or obscure request that we’ve made to
the court. But it matters not just to our industry – this is core to
the proper working of government agencies and the way they engage
with… nitter.pw/i/web/status/166…
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paulgrewal.eth @iampaulgrewal
Jun 5
Tomorrow I will be testifying on Capitol Hill before the House
Committee on Agriculture on the need for clear crypto rules and the
Digital Asset Market Structure Discussion Draft. Read a summary of my
testimony here/below:coinbase.com/blog/we-need-cl…
We need clear rules for crypto to protect American leadership and consumers

Coinbase Blog, stories from the easiest and most trusted place to buy,
sell, and use crypto
coinbase.com
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paulgrewal.eth @iampaulgrewal
Jun 5
The US is falling behind. We cannot afford to ignore crypto while
other markets take advantage of our absence, developing rules and
regulations that enable the industry to thrive and risk sending jobs,
investment, and technological leadership overseas.
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paulgrewal.eth @iampaulgrewal
Jun 5
While regulation establishes clear rules for the industry, it also
provides important accountability measures for potential bad actors.
US legislation helps good guys innovate and ensures bad guys are held
accountable.
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paulgrewal.eth @iampaulgrewal
Jun 5
How we define digital assets is critical for enabling innovation.
Digital assets are diverse, and if we fail to effectively draw clear
definitions of which assets are securities, which are commodities, and
which are neither, crypto will continue to sit in regulatory limbo.
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paulgrewal.eth @iampaulgrewal
Jun 5
We need a clear rulebook in the US to achieve the full promise of
crypto. Until rules and laws are developed that reflect the realities
of this new economic system, we cannot realize the full potential of
making our financial system faster, fairer, and more affordable.
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paulgrewal.eth @iampaulgrewal
Jun 5
While there are many details to be ironed out, the Digital Asset
Market Structure Discussion Draft is a strong step towards developing
a regulatory regime that embraces innovation, maintains US industry
presence and protects consumers.
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paulgrewal.eth @iampaulgrewal
Jun 5
I appreciate the opportunity to testify tomorrow. Thank you for the
invitation @HouseAgGOP.
House Committee on Agriculture @HouseAgGOP
Jun 5
Current digital asset regulations limit innovation & consumer
protection. We aim to bring clarity & compliance to this dynamic
space. Tomorrow, we'll hear from @CFTCbehnam, @giancarloMKTS,
@iampaulgrewal, @DanGallagherDC, @WaltFIA & Dan Berkovitz. #Crypto
agriculture.house.gov/calend…
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paulgrewal.eth @iampaulgrewal
Jun 3
Thirty years after my last exam at @MIT, and I still get the shakes
every time I go past Walker Memorial. Time heals most wounds, but it
sure as hell doesn’t heal the 1992 thermodynamics final.
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paulgrewal.eth @iampaulgrewal
Jun 2
Today’s market regulation bill from @PatrickMcHenry and @CongressmanGT
lays a strong foundation for regulatory jurisdiction and definitions,
BD rules, and consumer protections. I’m eager to share more on this
next Tuesday before the @houseaggop. 1/3 docs.house.gov/Committee/Cal…
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paulgrewal.eth @iampaulgrewal
Jun 2
A comprehensive bill of this magnitude warrants an in-depth review,
which we’ll be conducting over the coming days, but what we’re seeing
so far is encouraging. 2/3
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paulgrewal.eth @iampaulgrewal
Jun 2
I’m especially encouraged by the attention the authors give to the
discussion around what constitutes a security vs a commodity.
Hopefully these definitions can settle that protracted debate once and
for all. 3/3
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paulgrewal.eth @iampaulgrewal
Jun 2
Slayer. Congratulations young man.
Scripps National Spelling Bee @ScrippsBee
Jun 2
#Speller36 Dev Shah from Florida has spelled the word psammophile
correctly, making him our 2023 Scripps National Spelling Bee Champion!
Maybe he'll head to the beach to celebrate?
spellingbee.com/speller-summ… #spellingbee
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paulgrewal.eth @iampaulgrewal
Jun 1
Shot: A 9-0 Supreme Court win today for a traceability requirement for
Section 11 claims. Chaser: a 9-0 Supreme Court warning to agencies and
others that the federal securities laws are not just whatever they
want them to be— limits imposed by Congress matter.
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paulgrewal.eth @iampaulgrewal
May 31
cand.uscourts.gov/notices/pa…
Northern District of California Bids Adieu to Senior Judge Ronald M.
Whyte, 80 | United States...

United States District Judge Ronald McLeod Whyte, Northern District of
California, died early Monday morning, April 10, 2023. He was born
Oct. 25, 1942, in Claremont, California, to James and Eleanor...
cand.uscourts.gov
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paulgrewal.eth @iampaulgrewal
May 30
3/3
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