Unchained

Coinbase’s Top Lawyer Calls SEC Wells Notice a ‘Massive Overreach’ - Ep. 472

Mar 24, 2023

Paul Grewal, the Chief Legal Officer at Coinbase, dives into the recent SEC Wells Notice, which he deems a 'massive overreach.' He highlights the SEC's lack of clear rules for cryptocurrency and shares Coinbase's frustrations in seeking regulatory guidance. Grewal discusses the impact of the notice on the crypto landscape and the ongoing jurisdictional tug-of-war between the SEC and CFTC. He argues that this legal battle threatens crypto's future in the U.S. and emphasizes the urgent need for Congress to develop clearer regulations for blockchain technology.

39:49

Creator website

Episode guests

Paul Grewal

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Episode notes

Intro

2min

Navigating SEC Challenges

7min

Navigating Regulatory Conflicts in the Crypto Space

3min

Regulatory Tug-of-War in Crypto

8min

Navigating Legal Challenges in the Cryptocurrency Landscape

5min

Crypto Turmoil: Trends and Trials

12min

Paul Grewal, Coinbase’s chief legal officer, shares his concerns about the SEC’s recent warning that it would pursue legal action against the crypto exchange. With the U.S. markets regulator failing to provide clear rules on digital assets, Grewal discusses the implications for Coinbase and for the future of crypto in the United States.

Show highlights:

why Grewal was not surprised by the Wells notice
how Coinbase asked the SEC multiple times for clear rules and got no response, according to Grewal
how the SEC is withholding information about which rules Coinbase allegedly broke, according to Grewal
Coinbase’s efforts to disclose everything about its operations
whether Grewal thinks there was a change in the regulators’ approach after the collapse of FTX
why Grewal thinks this is not the right way to go to keep crypto in the United States
the jurisdictional fight between the CFTC and the SEC
whether Coinbase will proceed with litigation
why Grewal thinks the Wells notice is a “shot at crypto as a whole”
why Coinbase believes that its products are “fully compliant”
what opportunities the U.S. Congress has to legislate blockchain technology

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Guest

Paul Grewal, chief legal officer at Coinbase

Previous appearances on Unchained: Just a Coincidence? Coinbase and Polygon Lawyers See Bad Omens in SEC Crackdown

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