Paul Grewal, the Chief Legal Officer at Coinbase, has highlighted that his focus will be majorly on putting forward the point that crypto ventures need clear rules to operate in the region.
Coinbase, founded in 2012, has more than 3,000 cryptocurrencies listed on the platform. It supports select fiat currencies – EUR, USD, and GBP, among others. One can read more about the payment mechanisms and products of Coinbase in our official review.
Paul Grewal has also stated a belief that marking the first strong step is a discussion on Digital Asset Market Structure Discussion Draft (DAMSDD). This comes ahead of his appearance before the House Committee on Agriculture on Capitol Hill.
A major portion of his side is based on the fact that cryptocurrency is solving real-life problems. These range from creating a better way to store transfer value to enabling digital IDs for healthcare records.
A total of three points will be highlighted in the hearing. These relate to:
- The US is falling behind in the world
- A dire need to set clear rules for cryptocurrencies since they are solving real-life problems
- Taking DAMSDD forward
Other countries, including, but not limited to, the UK, Australia, the European Union, and Singapore, have implemented frameworks for cryptocurrencies. At the same time, the US is yet to set a clear road for digital tokens. Keeping a steady pace will only see America fall behind other countries in the world.
With the US being out of the picture, innovators are only deemed to leave the region and look for establishments elsewhere. Not just innovators but technology is being seen leaving the region as well. This could be very bad for the future of the economy and national security.
Real-life problems are being dealt with by the power of crypto and blockchain. Per the statement made by Paul Grewal, ventures like Coinbase are constantly exploring manners to better store and transfer value from one individual to another. As of now, they have registered results with digital medical IDs. Stopping them from moving forward is the confusion about how their products should be classified.
One side claims to put that under the umbrella of commodities, while the other sides seek to categorize the offerings under securities.
Results are driven by a proven record of international payments, with transactions being economical, faster, and reliable. Paul has claimed that approximately 20% of Americans own and use cryptocurrency. Meaning there is some scope for its growth. When it experiences a sudden surge, there could be problems if rules and frameworks are not in place.
Circling back to Paul’s statement before his appearance, the Digital Asset Market Structure Discussion Draft has been teased as a strong move in the right direction. It was released last week by Financial Services Committee Chairman Patrick McHenry and House Agriculture Committee Chairman G.T. Thompson.
Furthermore, there are many details expected to come out after the hearing. Coinbase, till then, has taken a stand and suggested lawmakers invest collective efforts and act at the earliest.