Unchained The Chopping Block: Paul Grewal on Regulation, Tokenization, and Crypto’s Next Legal Frontier – Ep 867
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Jul 11, 2025 Join Paul Grewal, Chief Legal Officer at Coinbase, as he delves into the exciting yet contentious world of tokenized stocks. He shares insights about Robinhood's attempts to tokenize shares of SpaceX and OpenAI, stirring regulatory debates. The discussion touches on Coinbase's legal confrontations with the SEC and the complex landscape of pre-IPO derivatives. Grewal also explores recent legislative movements like the Genius and Clarity Acts, pondering if this marks a new era in regulated crypto innovation or simply old problems dressed in new formats.
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Coinbase's Legal Struggles and Solidarity
- Paul Grewal shares Coinbase's legal battles with the SEC and industry collaboration in a dark, uncertain period.
- He credits legal solidarity across the crypto industry for their survival and progress.
Challenges in Tokenizing Pre-IPO Stocks
- Tokenizing pre-IPO equities is complex due to board reluctance and valuation concerns.
- Paul Grewal believes tokenized private company stocks can solve access and capital market problems but will take time to mature.
Public vs Private Tokenization Hurdles
- Tokenizing public equities is straightforward due to existing disclosure and regulatory frameworks.
- Tokenizing private companies faces hurdles like registration thresholds and compliance challenges that deter many companies.