Coinbase CLO Comments on UK’s Rishi Sunak’s Crypto Stance

• Coinbase CLO Paul Grewal comments on UK Prime Minister Rishi Sunak’s stance on crypto.
• UK Prime Minister Rishi Sunak stated that UK must embrace web3 and blockchain.
• Grewal stated that the US is going to settle for the ‘Bring Back Crypto Act of 2050.’

UK prime minister Rishi Sunak recently stated on a16z’s expansion to the UK that the country should embrace innovations like Web3 and blockchain technology. Sunak’s statement attracted the attention of Coinbase chief legal officer Paul Grewal. Grewal sarcastically stated in one of his recent tweets that the US is likely to settle for the ‘Bring Back Crypto Act of 2050.’

While such an act doesn’t exist, Grewal mentioned in a sarcastic way that while other nations embrace Web3 and blockchain technology, the US will fall behind and advocate for bringing back crypto in 2050. His statement comes at a time when the US regulator, the SEC, has filed a lawsuit against Coinbase and Binance.

The statement from Grewal also caught the attention of crypto lawyer John E. Deaton. He stated in his tweet that the country needs candidates in 2024 who support American innovation.

US regulators have been taking a tougher stance on cryptocurrencies in recent months. In February 2023, the Securities and Exchange Commission (SEC) sued Binance, the world’s largest cryptocurrency exchange, for operating an unlicensed securities exchange. The regulators have been going at the large cryptocurrency players one by one. In the recent lawsuit, the SEC also branded several cryptocurrencies as securities.

These actions have led some to believe that US regulators are trying to bring down the crypto industry. However, regulators have said that they are simply trying to protect investors and ensure that the crypto market is fair and orderly. The tough stance from the US comes at a time when several other nations are embracing it.

Sunak’s recent statement exhibits that the UK is approaching cryptocurrencies in quite the opposite manner from that of the US. While the US is trying to push cryptocurrencies out of the country, nations like Singapore and the UAE are trying to embrace them.