Bloomberg Audio Studios, podcasts, radio news. We are now joined by the firm's chief legal officer, Paul Greywall. And you know, Paul, we really do have a sense here of the new strategy by former President Trump into his presidential candidacy here or the bid he's putting in, But we don't know much about the Harris campaign. But you have been, from what I understand, more in touch with that side of the election here.
What do they say, Well, good morning. We've been in touch with both sides, both the Trump campaign and the Harris campaign, as they develop their crypto policies and begin engaging with the crypto voter. And I will say that, certainly the Trump campaign has been more explicit in embracing specific,
concrete proposals for crypto and digital assets more generally. But we've been encouraged that even as the current administration and 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, has expressed an interest and has begun discussions about what a new approach to crypto and digital assets could look like.
That's fascinating, and what does it mean for the people she might have at the top. You mentioned Gary Gensler here, but under a potential future Kamala Harris presidency, you might have different leaders when it comes to regulation. What did she say?
We almost certainly will have a different leaders emerged, And of course a top of mind for any of us in the crypto industry is the SEC. But there are a number of agencies in the federal government which will play an important role in the development and evolution of this industry. What we're hearing is that there still remains, i think, an open mind to a new approach to crypto. We think the most important new approach is embodied in
legislation which has passed the House. That's, of course, the FIT twenty one Bill, which provides for market structure for crypto and important investor and consumer protections. And that legislation is now being considered by the Senate. 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 and embraced by both parties of the structure and certainty it would provide.
Paul.
Let's talk about Congress a little bit too, I know coinbase has been funding fairshake the pack, which is really laser focused on House and Senate races rather than the presidential race. Should the industry get a very pro crypto Congress in twenty twenty five? Is that legislation that passed the House still sort of you know what you would like to see pasted or is there room for a whole new bill that's perhaps even a little bit more
friendly to the industry. Should you get that congressional outcome that you're looking for.
Well, no legislation is perfect, and FIT twenty one is no exception to that. But it's a strong bill which includes the most critical protections from our constructure, and I think there's no question about it. We are going to see a pro crypto Congress emerged, regardless of the particular outcome in individual races, and of course the outcome in
the presidential race. We've seen evidence of this. Seventy one Democrats joined with almost every Republican in the House in supporting FIT twenty one, and we're now seeing Democrats in the Senate, whether it's Senator jillibrand whether it's others on the Senate Banking Committee, express a real interest in moving forward to that legislation, Senator Stabnow, of course in the Agricultural Committee, we're just pleased to see now members of both houses and on both sides of the aisle understand
that fifty million Americans or more who have bought or sold a digital asset are expecting the Congress to do its job.
Yeah, Paul, I think one of the fascinating things about crypto when you think of crypto and regulation is the innovation in crypto is often sort of one or two steps ahead of the regulators what they're thinking about. So I'm curious how you think about that when you think of this legislation that's on the table, and when you think of coinbas as business, you know, an exchange company at heart, but you're also expanding out into a blockchain
project with base. You know, is it possible to sort of future you know, make legislation that is future proof that considers all the different areas that crypto can get into and not have to be coming back to the question of is this legal or not? In the industry, you know, how do you think about that future when it comes to regulation.
Well, it's very interesting is that while the innovation almost always does race ahead of the current state of the law. It hasn't raced ahead of the sentiment among millions of Americans that they want to see digital assets, cryptocurrencies, other
blockchage based technologies as part of their financial future. One of the virtues of the pending legislation is that it would call for additional rule making bye bye by the regulator and appropriate agencies to fill in the gaps, to write in the details that are going to evolve over time. But it will provide a durable framework that will last far longer than any one particular administration, any one particular Congress, or certainly any one particular chair of the SEC or any other agency.
It's interesting because we talk about all the players in Washington here that are needed really to change the tone, and Congress is a big, big part of that. You've been spending a lot of time in Ohio, as I understand it, and it's really interesting Ohio. Of course, you have a senator that has very long been a very vocal point of that sentiment. Banking Committee really the committee here that has a very close relationship to the SEC and its own oversight. How does Ohio change the game?
Well, as an Ohio native. I certainly pay a lot of attention to my home state, but putting that aside, Ohio is I think a critical battleground for the future of crypto and the future of le sustainable crypto legislation. Senator Brown has expressed deep skepticism in the past about the digital assets and cryptocurrencies, and yet we're seeing a real conversation around crypto take place in his race against
Bernie Marino. And I think that for either of these candidates, it's going to be critical to pay attention to the over one million Ohioans who have now bought and sold cryptocurrencies or digital assets, and the tens of thousands who have signed up as advocates with stand with Crypto, the people who have said we want to have a crypto dialogue in the political dialogue, and we're going to vote
on this issue. So I think for both Senator Brown and for mister Marino, it's going to be critical to pay attention to what their voters want.
Paul quickly, you know, we started off this segment with that quote from Donald Trump promising to fire Gary Gensler. I'm wondering if that happens. Are there any names sort of floating around in your circle of who you'd like to see you get that job.
Well, there are certainly all sorts of names that have been floated. We don't have a particular view on those. Which of those individuals might make the best SEC chair.
I think regardless of particular names or particular individuals, what's criticals that we have an administration that is committed to sensible rules for crypto and that in nominating someone as chair of the SEC, or in confirming someone on behalf of the Senate Banking Committee, that their views on crypto be a critical part of the conversation, and that they're understanding that crypto needs to be part of our financial future be a critical criteria.
Really quickly here, Paul, do you think that if there's a change in administration and a change in the SEC chair, that the suits that the SEC have made against you the nature could change.
Well, regardless of whether or not there is any change of view at the SEC as a result of a change in administration, we're prepared to litigate. We're prepared to win that case in court. We're confident that the courts are going to see this our way, and so we are absolutely laser focused on that outcome, but certainly with a change in administration will come the opportunity for a new SEC chair and a new Commission as a whole to reconsider whether this is the right way to regulate
this important emerging asset class and technology. It certainly stands in start contrast to what we're seeing in Europe and all over the world, where there's a much more sensible, pragmatic and still tough approach being taken that focuses on legislation not litigation. Is the answer, Paul.
Absolutely fascinating to talk to you at this moment. That is, coinbased Chief Legal Officer, Paul Graywell