- Coinbase CLO Paul Grewal feedback on UK Prime Minister Rishi Sunak’s stance on cryptocurrencies.
- UK Prime Minister Rishi Sunak has mentioned the UK must undertake Web3 and blockchain.
- Grewal mentioned the U.S. intends to settle below the 2050 Digital Forex Revival Act.
UK Prime Minister Rishi Sunak lately mentioned on a16z’s growth into the UK that the nation must embrace improvements reminiscent of Web3 and blockchain know-how. Sunak’s assertion caught the eye of Coinbase Chief Authorized Officer Paul Grewal. In considered one of his current tweets, Grewal quipped that the US would possible settle with the 2050 Digital Forex Revival Act.
No such regulation exists, however whereas different international locations are embracing Web3 and blockchain know-how, the U.S. will lag behind and demand on reviving cryptocurrencies in 2050, Grewal quipped. I put it in. His remarks come at a time when U.S. regulators have mentioned: The SEC has filed lawsuits towards Coinbase and Binance.
Grewal’s assertion additionally caught the eye of cryptocurrency legal professional John E. Deaton. In a tweet, he mentioned the nation wants a candidate to assist America innovate in 2024.
U.S. regulators have taken a more durable stance on cryptocurrencies in current months. In February 2023, the Securities and Change Fee (SEC) sued Binance, the world’s largest cryptocurrency trade, for working an unlicensed inventory trade. Regulators are cracking down on large cryptocurrency gamers. In a current lawsuit, the SEC additionally licensed a number of cryptocurrencies as securities.
With these actions, some imagine that US regulators try to convey down the cryptocurrency trade. Nonetheless, he mentioned the regulator is solely attempting to guard traders and make sure the cryptocurrency market is truthful and orderly. America’s hardline stance comes at a time when a number of different international locations are accepting it.
Sunak’s current assertion reveals that the UK is approaching cryptocurrencies in a very reverse approach to the US. Whereas the USA is attempting to kick cryptocurrencies in another country, international locations reminiscent of Singapore and the UAE try to embrace them.