Coinbase CLO urges Trump to oust SEC chair

Paul Grewal, chief legal officer at Coinbase, has called for Donald Trump to sack Gary Gensler, chairman of the Securities and Exchange Commission (SEC). He argues that Mr Gensler “has led a regulation-by-enforcement campaign against the industry that has been destructive of investor protections and destructive of innovation in ways that we think need to be addressed immediately.” Mr Grewal says the incoming Trump administration is “looking to learn more about crypto, the state of crypto legislation and how we can progress things forward,” adding that officials “have been reaching out to industry participants for views on how best to implement a new crypto policy agenda.” The SEC has accused Coinbase, the largest cryptocurrency exchange in the U.S., of operating an allegedly illegal securities exchange.