Coinbase’s Paul Grewal urges SEC to embrace change on crypto after Trump's victory

• After Trump’s win, Coinbase’s Paul Grewal calls SEC to stop suing crypto and initiate rulemaking.
• Trump’s promise to fire SEC Chair Gary Gensler could pave the way for more crypto-friendly leadership.
• Coinbase takes heat over rumored token listing fees up to $300 million.

 

Paul Grewal, Coinbase's Chief Legal Officer, has asked the US Securities & Exchange Commission (SEC) to reconsider how it regulates cryptocurrencies now that Donald Trump has been elected to a second term as president.

Grewal seemed hopeful that the SEC might change its regulatory model so that it focuses on open conversation and innovation instead of focusing on lawsuits. This view fits with the growing anger among crypto supporters over the SEC's current enforcement actions.

Trump plans to fire SEC Chair Gary Gensler. A change in leadership at the SEC could have big effects on how cryptocurrencies are regulated in the US in the future.

Justin Sun and Andre Cronje allege ‘exorbitant’ token listing fees

Since Trump claimed to get rid of SEC Chair Gary Gensler, there has been a lot of speculation regarding possible replacements. Candidates who are likely to be more crypto-friendly received a lot of attention.

One of the major names is SEC Commissioner Hester Peirce, who is known for being in favor of cryptocurrencies. People in the community have called Peirce "Crypto Mom" because of her contribution as an advocate in the field. As a result of claims that its marketing fees for tokens are too high, the SEC is calling for more openness on Coinbase.

Justin Sun, the founder of Tron, said in a X post on November 4 that Coinbase wanted an unbelievable $300 million to list the Tron token on its website. 

Like Sun, Andre Cronje, the founder of Fantom Network, said in a post on November 3 that Coinbase told him that listing fees for Fantom would be between $30 million and $300 million, but Binance didn't charge anything.

Brian Armstrong, CEO and co-founder of Coinbase, said in a post on X on November 2 that "listing assets on Coinbase is free." These claims contradict what Armstrong said.