Coinbase VP Urges Congress for Unified Crypto Rules

Ryan VanGrack, Vice President of Legal at Coinbase, testified before the Senate Committee on Banking, Housing, and Urban Affairs, emphasizing that digital asset regulation should not be a partisan issue. He urged Congress to establish clear, unified rules to maintain crypto innovation within the United States. VanGrack's testimony came during a hearing titled “Exploring Bipartisan Legislative Frameworks for Digital Asset Market Structure.”

VanGrack called for a “responsible and robust legal framework” that benefits all Americans, stating that economic empowerment, financial innovation, and customer protection are universal values, not confined to any political party. He criticized the current lack of clear market structure regulations in the digital asset sector, which he believes has driven economic opportunities offshore and left customers vulnerable.

VanGrack's remarks followed the introduction of six central principles for comprehensive market structure legislation by Senate Banking Chairman Tim Scott, Senator Cynthia Lummis, Senator Thom Tillis, and Senator Bill Hagerty. These principles aim to guide bipartisan efforts to bring regulatory clarity, foster innovation, and protect investors. Senator Hagerty highlighted the need for a reasonable, light-touch market structure framework to bolster the nation’s economy and protect American consumers.

The Senate has recently seen significant activity in digital asset legislation, with the GENIUS Act passing through the chamber. Senator Lummis emphasized the importance of quick action by Congress to enact additional crypto regulatory measures to support the GENIUS Act. She stated that the success of the GENIUS Act depends on comprehensive market structure legislation that protects consumers, establishes transparency, and creates clearly defined trading regulations.