Coinbase Chief Legal Officer: Cryptocurrency Should Remain Nonpartisan

ChainCatcher news, Coinbase Chief Legal Officer Paul Grewal stated, "What I worry about most is that cryptocurrency becomes politicized in the U.S. and turns into a partisan issue, which will at least slow down or even threaten its continued growth and development."

He emphasized that modernizing policy requires support from both parties in the U.S. Applying the Howey test "blindly and mechanically" to blockchain and cryptocurrency makes no practical sense. Even case law from the Supreme Court has always been considered applicable to specific situations and needs to adapt to new technologies and issues emerging in the market and economy. "For me, what is most encouraging in Asia is that people focus on concrete issues and pay little attention to ideology, whereas in the U.S., having meaningful dialogue with most government departments regarding cryptocurrency and policy is a challenge."

However, he remains optimistic about the U.S. as both major parties are beginning to recognize the importance of cryptocurrency.