Sensible crypto rules 'critically important' for America's competitiveness: Coinbase's Paul Grewal

Regulatory Landscape & Legislation - The industry is seeking clarity on crypto regulations in the US, particularly regarding which regulator (SEC or CFTC) has authority over different digital assets [2][4][6] - The industry is focused on the passage of three key bills: The Clarity Act (market structure), the Genius Act (stablecoin regulation), and the Anti-CBDC Surveillance State Act [1][3][4] - The Genius Act, focused on stablecoins, has already passed the Senate and is expected to be ready for presidential signature soon [3][7] - The Clarity Act is considered a top legislative priority, aiming to define when an asset is a security (SEC oversight) versus a commodity (CFTC oversight) [5][6] - The industry believes that passing both the Genius Act and the Clarity Act is crucial for the US to remain competitive in the crypto space [4][7] Stablecoins & Financial System - The industry views stablecoins as an important element of the financial future and a critical infrastructure for payments, both domestically and internationally [8][9] - The industry believes that recognizing stablecoins in US law will boost confidence in the market and encourage institutional investment in the technology [8][9] Political & Industry Actions - Coinbase has launched a six-figure campaign to urge Congress to pass the Clarity Act [5] - Coinbase has contributed nearly $100 million to date to Fairshake, a political action committee focused on the crypto industry, including an additional $25 million contribution recently [16] - Fairshake had $141 million cash on hand as of June 30th [15] - The industry anticipates future focus on crypto tax policy and seeks legislators with a pragmatic approach to these issues [18][19] Legal Challenges - Oregon is pursuing legal action against Coinbase, alleging securities law violations, despite similar claims being rejected elsewhere [20][22] - Coinbase has filed a counter-suit against Oregon, seeking public records related to the state's change in position on digital assets [20][23]