Coinbase Chief Legal Officer Paul Grewal foresees “significant changes” to the U.S. Securities and Exchange Commission (SEC)’s crypto caseload when a new chair is appointed under a Trump administration. In an interview with Fox Business, Grewal anticipated that a fresh SEC leader might refocus enforcement on fraud and scams rather than broader industry targets. He said:

I think the new administration will take a fresh look at all the existing crypto cases brought under Gary Gensler and distinguish between the ones aimed at what are clearly scams and fraud and ones that are not.

President-Elect Donald Trump has already promised the crypto community that he will remove Gensler as SEC chair on his first day in office, signaling potential shifts in the agency’s approach to digital asset regulation.

Ripple CEO Brad Garlinghouse also criticized U.S. leaders’ approach to crypto regulation, arguing it could drive voters in swing states to reconsider their support. Sharing on social media platform X, Garlinghouse called on Democrats to address Gensler’s actions, accusing the SEC chair of overstepping legal boundaries. “I hope the Dems find a way to hold Gary Gensler accountable for ignoring the law,” he wrote on Thursday.

Garlinghouse suggested that high-profile crypto critics like Gensler and Senator Elizabeth Warren contributed to a “Red Reset,” a shift in political momentum that may sway key voters in future elections. According to him, dissatisfaction with current crypto policies could gradually shift voter loyalty away from Democrats.

Coinbase’s Grewal, echoing these concerns, noted that many voters seem to favor clear, consistent crypto regulations over ongoing litigation. He suggested that a potential new administration could bring constructive changes to the SEC’s crypto strategy, encouraging dialogue with the industry instead of constant legal battles. Posting on X Tuesday after the election, Grewal wrote:

I hope SEC understands what has happened tonight. On many, many issues, the voters said loud and clear that they want change. Crypto is no exception. Stop suing crypto. Start talking to crypto. Initiate rulemaking now. There’s no reason to wait.

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