Coinbase chief legal officer Paul Grewal addressed some of the concerns raised by US lawmakers and industry leaders around President Donald Trump’s crypto ventures, and how they may affect related legislation.
Speaking at the Consensus conference in Toronto on May 15, Grewal said there had been “hiccups” in Congress since the Senate Banking Committee voted to advance the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, in March. Though Grewal said there were disputes over “substantial issues that need to be addressed” in the bill, he hinted that Trump’s involvement in the industry was a “complicating factor.”
“The discussion around the president’s support for a certain memecoin or two and other efforts does add a certain level of challenge to the effort to get Democrats and Republicans aligned on the right way to regulate the [spot market], but I have confidence that the Senate and the House are going to sort all that out,” said Grewal.
Paul Grewal (right) on stage at Consensus in Toronto on May 15. Source: Cointelegraph.
Democrats including Senator Elizabeth Warren explicitly called out the Trump family’s crypto venture, World Liberty Financial, and its USD1 stablecoin in opposing the GENIUS Act. However, some of the bill’s supporters, like Senator Kirsten Gillibrand, who proposed an earlier version of the legislation, said they would remove language specifically targeting the president’s crypto ventures.
Whatever the terms for modifications to the bill may be, many lawmakers still expect the Senate to take up another vote in a matter of days. Punchbowl reported on May 15 that Democrats “won major victories” after receiving assurances that some of their concerns around consumer protection, Anti-Money Laundering, and national security safeguards would be addressed.
First stablecoins, then a market structure bill?
The House of Representatives is also considering draft legislation for a digital asset market structure bill, a different iteration of the FIT21 bill that passed the chamber in May 2024. Democratic representatives have similarly pushed back on the legislation, citing “Trump’s crypto corruption.”
“I think we’re gonna learn a lot from the progress we see just in the next few days on stablecoins on the appetite to really tackle all these problems on any schedule that resembles the one that was laid out not long ago by the White House and certain leaders in Congress,” said Grewal.
Charles O. Parks III, who admitted to misusing $3.5 million worth of resources from two cloud computing providers to mine crypto, was sentenced to one year and one day in prison.
If there’s one thing the past 24 hours has confirmed, it’s that it’s still Donald Trump’s world, and we’re all just living in it.
In the aftermath of the Alaska meeting, the US president’s deal-making skills came under question when he seemingly walked away empty-handed.
But it was clear he had retained his ability to catch everyone off guard, as a meeting between him and President Volodymyr Zelenskyy unexpectedly became a last-minute White House peace summit.
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0:56
Ukraine faces biggest challenge yet ahead of White House talks
The invitation to European leaders drifted out, and within hours, the cast list had grown to include six more, as world leaders dropped everything to fit in with Mr Trump’s unpredictable timetable.
There were signs of disorganisation behind the scenes.
When the British Prime Minister’s spokesman was asked who the invite had come from – the White House or the Ukrainian president – they replied: “A bit of both.”
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2:09
What happened when Zelenskyy last went to White House
Meanwhile, the meeting of the coalition of the willing – a Starmer and Macron-led group of Ukraine’s European allies – had a nervous feel to it as members resolved to stand firm with Ukraine – even if it puts them at odds with the US.
At times, it sounded like they were trying to convince themselves they could do it.
And as all of this frantic diplomatic reaction played out, the man in the middle of it all headed to the golf course – calm at the centre of the diplomatic storm he created as his allies swirl around him.
Sir Keir Starmer is straining his diplomatic sinews to simultaneously praise Donald Trump’s efforts to end the war in Ukraine, while repeating calls for a completely different approach – one which ends the cosy bonhomie with Vladimir Putin, threatens the Russians with sanctions, and puts the Ukrainians back centre stage.
If that’s a message which feels like quite a stretch in writing, in person, during this morning’s call of international leaders, it must have been even more awkward.
Donald Trump‘s public dismissal of the Europeans’ previous calls for a ceasefire – after his tete-a-tete with Putin – has only highlighted divisions.
Of course, the prime minister and his European allies have no choice but to keep their criticism of the Alaskan summit implicit, not explicit.
Image: Donald Trump and Vladimir Putin after their private meeting in Alaska. Pic: Reuters/ Kevin Lamarque
Even as they attempt to ramp up their own military preparedness to help reinforce any future peace deal, they need President Trump to lead the way in trying to force President Putin to the negotiating table – and to back up any agreement with the threat of American firepower.
For Downing Street, President Trump’s new willingness to contribute to any future security guarantee is a significant step, which Starmer claims “will be crucial in deterring Putin from coming back for more”.
It’s a commitment the prime minister has been campaigning for for months, a caveat to all the grand plans drawn up by the so-called Coalition of the Willing.
While the details are still clearly very much to be confirmed, whatever comments made by Donald Trump about his openness to help police any peace in Ukraine have been loudly welcomed by all those present, a glimmer of progress from the diplomatic mess in Anchorage.
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Of course, the promise of security guarantees only means anything if a peace deal is actually reached.
At the moment, as the European leaders’ bluntly put it in repeating Donald Trump’s words back to him: “There’s no deal until there’s a deal.”
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8:31
Wallace: Putin ‘laughing all the way home’
Fears of Zelenskyy being painted as warmonger
There is clearly real concern in European capitals following the US president’s comments that the onus is now on Volodymyr Zelenskyy to ‘do a deal’, that the Ukrainians will come under growing pressure to make concessions to the Russians.
As former defence secretary Ben Wallace said: “Given that Donald Trump has failed to deliver a deal, his track record would show that Donald Trump then usually tries to seek to blame someone else. I’m worried that next week it could be President Zelenskyy who he will seek to blame.
“He’ll paint him as the warmonger, when in fact everybody knows it’s President Putin.”
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The European leaders’ robust statements describing the “killing in Ukraine” and Russia’s “barbaric assault” are an attempt to try to counter that narrative, resetting the international response to Putin following the warmth of his welcome by President Trump – friendlier by far than that afforded to many of them, and infinitely more than the barracking President Zelenskyy received.
They’ll all be hoping to avoid a repeat of that on Monday.