Coinbase exec worries about SEC reform after Trump wins election
Paul Grewal, the chief legal officer at Coinbase, officially expressed concern that the United States Securities and Exchange Commission will change the direction of crypto after Donald was elected for a second term as president.
Grewal expressed hope that the SEC will adopt a regulatory framework that supports open dialogue and innovation, reflecting growing sentiment among crypto advocates against what they see as excessive enforcement measures by the US regulator.
With Trump vowing to fire SEC Chairman Gary Gensler, the SEC shakeup could have more impact on crypto futures in the US.
Source: Paul Grewal
Related: Trump victory: US crypto industry expects transparency, success
Trump's election and the shake-up of the SEC
After winning the election, Trump promised to focus on uniting the country and “turning the country around.” During the campaign, he promised to oust Gensler from office on the same day as part of a bid to end the Biden-Harris administration's “anti-crypto crusade.”
During Gensler's tenure, the SEC pursued legal action against several high-profile crypto entities, including centralized cryptocurrency exchange (CEX) Coinbase and decentralized exchange (DEX) Uniswap.
However, without clear regulatory guidelines, crypto companies face ongoing uncertainty about compliance, which Grewal argues can be solved with “good mining.”
Related: Meet the Pro-Crypto Contenders Who Could Replace SEC Chief Gary Gensler
Will “Crypto Mom” come to the rescue?
Trump's promise to remove Gensler has led to speculation about possible successors, particularly candidates who might favor a more crypto-friendly approach.
SEC Commissioner Hester Peirce, who is known for her pro-crypto stance, is often highlighted as a potential replacement for Gensler, dubbed “Crypto Mom” by the community for her advocacy in the space.
Pearce has previously criticized the SEC's enforcement-led approach, suggesting that regulatory transparency for the crypto industry would better serve the public interest and America's position in global digital finance.
Related: Trump Makes Big Promises About Crypto in America – But Can He Deliver?
Coinbase under investigation
Despite the SEC's push for openness and transparency, Coinbase has come under scrutiny following allegations that it charges high fees to list tokens.
In an X post on November 4th, Tron founder Justin Sun claimed that Coinbase had demanded a $300 million fee to list the Tron (TRX) token.
Fantom Network founder Andre Cronje echoed his claim, saying on Nov. 3 that Coinbase offered Fantom (FTM) account fees of $30-$300 million while Binance charged $0.
The claims made by Sun and Cronje directly contradict Coinbase CEO and co-founder Brian Armstrong's statement in a November 2 X post that “the asset listing on Coinbase is free.”
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