Coinbase Executive Encourages US Congress To Ratify Crypto Law

Crypto exchange Coinbase wants the US government to immediately pass clear crypto regulations. (Photo; Doc. CurrencyAnalytic)

JAKARTA - Paul Grewal, Chief Legal Officer of cryptocurrency exchange Coinbase, has urged the US Congress to immediately pass clear and sensible crypto legislation, while responding to escalating conflicts in the Middle East.

In a post on the social media platform, Grewal stated that funds should not be used to support organizations responsible for conflicts in the Middle East, regardless of form, including fiat currency, gold, or crypto. He also emphasized the need for sensible crypto laws in the US without further delay.

Currently, the US Securities and Exchange Commission (SEC) considers nearly all crypto tokens to be securities, and many feel the SEC's regulations regarding cryptocurrencies are unclear. Grewal highlighted the need for stricter regulations in the crypto industry in a country that adheres to the rule of law.

Grewal's remarks came after reports of Hamas' use of cryptocurrencies to raise funds worth around $41 million (IDR 644 billion) over two years. Israeli police announced that Hamas used crypto exchange Binance for this purpose, and they have frozen the associated crypto accounts.

Grewal emphasized that Coinbase has focused on preventing the use of crypto by malicious actors and has taken steps such as identity verification (KYC), sanctions monitoring, reporting suspicious transactions, and working with law enforcement to prevent misuse of crypto on their platform.