Coinbase's top attorney, key in crypto's Washington fight, to step down

Paul Grewal, Coinbase's Chief Legal Officer, is stepping down after a significant six-year tenure marked by pivotal legal battles and industry advocacy. Grewal was instrumental in defending the U.S. crypto giant against a landmark lawsuit filed by the Securities and Exchange Commission (SEC) in 2023. The suit alleged that Coinbase flouted rules by facilitating the trading of crypto tokens that should have been registered as securities.

Legal experts viewed the SEC case as existential for Coinbase and the broader cryptocurrency industry, which has long sought to avoid stringent SEC oversight. A major victory for Grewal, Coinbase, and the industry came when the case was dismissed last year. Grewal also played a crucial role in the crypto industry's campaign in Washington to secure favorable policies, including recent deliberations on the proposed Clarity Act, which aims to establish federal regulations for cryptocurrencies.

“

After helping to take the company public, fighting the SEC and winning, moving us from Delaware to Texas, working to get GENIUS and soon CLARITY passed into law, and so much more – now is my time for new adventures.

In a statement on X, Grewal expressed his readiness for new challenges, citing his accomplishments at Coinbase, which include taking the company public, winning the SEC case, relocating operations to Texas, and working towards the passage of legislation like GENIUS and CLARITY. His departure marks the end of an era for the company's legal and policy efforts.

Following Grewal's exit, Coinbase is implementing leadership changes. Molly Abraham, previously vice president of legal, will assume the role of general counsel. Ryan VanGrack, also a vice president of legal, is appointed as the company's first vice chair and head of corporate affairs. In this expanded role, VanGrack will represent Coinbase before global stakeholders and policymakers, focusing on unlocking products, expanding jurisdictions, and enhancing relationships with governments and partners. These shifts coincide with Coinbase's strategic move to become an 'everything exchange,' diversifying beyond crypto into areas like stock trading and AI-powered investment tools.

“

What I'm so excited about in this next chapter is this is all about building our products... because of the path that [Grewal] cleared.