• Coinbase CLO Paul Grewal feedback on UK Prime Minister Rishi Sunak’s stance on cryptocurrencies.
• UK Prime Minister Rishi Sunak has stated the UK must undertake Web3 and blockchain.
• Grewal stated the U.S. intends to settle beneath the 2050 Digital Forex Revival Act.

UK Prime Minister Rishi Sunak not too long ago stated on a16z’s enlargement into the UK that the nation must embrace improvements resembling Web3 and blockchain know-how. Sunak’s assertion caught the eye of Coinbase Chief Authorized Officer Paul Grewal. In certainly one of his latest tweets, Grewal quipped that the US would probably settle with the 2050 Digital Forex Revival Act.

No such regulation exists, however whereas different nations 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 stated: The SEC has filed lawsuits towards Coinbase and Binance.

Grewal’s assertion additionally caught the eye of cryptocurrency lawyer John E. Deaton. In a tweet, he stated the nation wants a candidate to assist America innovate in 2024.

U.S. regulators have taken a more durable stance on cryptocurrencies in latest months. In February 2023, the Securities and Trade Fee (SEC) sued Binance, the world’s largest cryptocurrency alternate, for working an unlicensed inventory alternate. Regulators are cracking down on large cryptocurrency gamers. In a latest lawsuit, the SEC additionally licensed a number of cryptocurrencies as securities.

With these actions, some imagine that US regulators try to deliver down the cryptocurrency trade. Nevertheless, he stated 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 nations are accepting it.

Sunak’s latest assertion exhibits that the UK is approaching cryptocurrencies in a very reverse method to the US. Whereas the US is attempting to kick cryptocurrencies overseas, nations resembling Singapore and the UAE try to embrace them.