Oh, what a farce! The esteemed Paul Grewal, Coinbase’s chief legal oracle, is fit to burst with indignation. 😤 He takes to the digital stage of X to lambaste five wayward U.S. states for their audacious defiance, charging ahead with lawsuits over crypto staking—despite Congress’s grand decree that staking-as-a-service is no security at all. How droll!
In this comedy of errors, Grewal hails the CLARITY Act, that bipartisan masterpiece passed last month, which boldly declares staking services free from the shackles of securities law. A victory for crypto knights, or so one might think. Yet, these states persist in their folly, ignoring the script Congress so carefully wrote. 🤡
“I gotta call out one critical provision of CLARITY Act that hasn’t received the attention it is due: staking-as-a-service is confirmed as a non-security and rule-making is ordered,” Grewal quipped with the flair of a court jester.
The CLARITY Act, that beacon of legislative wit, enjoys support from both sides of the aisle. But alas, staking services still face the wrath of regulators who treat it like a forbidden fruit. What hypocrisy! 🍎
Five States Under Ridicule
Enter the buffoons: California, New Jersey, Washington, Maryland, and Wisconsin. These rogues press on with their baseless claims against Coinbase, as if the CLARITY Act were mere whispers in the wind. Grewal, ever the satirist, notes that 32 Democratic lawmakers from these very states voted for the bill. Oh, the irony! It’s like actors forgetting their lines mid-performance. 😂 And yet, their regulators charge forth, blind to the plot twist.
5 states (CA, NJ, WA, MD, and WI) that refuse to acknowledge this insist on pursuing baseless claims against us and these services. But 32 Congressional Democrats from these states alone voted for this bill, underscoring that the state agencies pursuing these cases are deeply at…
— paulgrewal.eth (@iampaulgrewal) July 19, 2025
This Patchwork Absurdity Must End
Grewal decries the chaotic dance between state and federal regulators, a true Molière-esque tangle. While Congress strides toward clarity in crypto affairs, some states cling to their outdated antics, enforcing rules as murky as a poorly lit stage. “It’s time to end this patchwork of state regulation by enforcement and align with Congress on clear, bipartisan crypto rules,” he declares with a wink. Here’s hoping the Senate doesn’t trip over its own feet. 🤦♂️
Coinbase’s Grand Lobbying Charade
Not content to merely complain, Coinbase amps up its Washington waltz, enlisting David Plouffe—once adviser to presidents and vice presidents—to charm lawmakers into sensible crypto policies. The exchange has long championed clear rules, and with the CLARITY and GENIUS Acts in the spotlight, they’re pushing for a finale where staking isn’t villainized. After all, who wouldn’t want a script with less drama? 🎭
What’s Next in This Crypto Farce?
The CLARITY Act offers a glimmer of sanity for staking services, but until the Senate seals the deal and states quit their stubborn acts, the lawsuits linger like unwanted encores. Grewal pleads for regulators to bow to Congress’s wisdom—lest this comedy turn tragic. Stay tuned, dear audience; the curtain may yet fall with a laugh. 😏
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2025-07-19 14:08