- Coinbase Chief Legal Officer Paul Grewal criticized the U.S. for lagging behind Canada in crypto innovation following the launch of Canada’s spot XRP ETF.
- Coinbase is urging swift regulatory action in the U.S., highlighting the need for clear digital asset laws like the Clarity Act to stay competitive globally.
Coinbase Legal Chief Calls for Urgent Crypto Regulatory Reform After Canada’s XRP ETF Launch
Canada has once again taken the lead in crypto innovation, beating the United States to launch a spot XRP Exchange-Traded Fund (ETF). Coinbase’s Chief Legal Officer, Paul Grewal, voiced his frustration on social media, urging U.S. regulators to act swiftly to prevent further lag in the global crypto race.
Canada Sets the Pace—Again
This isn’t the first time Canada has upstaged its southern neighbor. In 2021, it launched the world’s first Bitcoin spot ETF, while the U.S. took nearly three years to follow suit. Now, the same story is playing out with XRP. On Wednesday, the Purpose XRP ETF began trading on the Toronto Stock Exchange, offering institutional and retail investors exposure to XRP without direct ownership.
Adding to the momentum, Canadian firm 3iQ Corp. simultaneously launched its own XRP spot ETF. Ripple, the company behind the XRP token, has even invested in the 3iQ ETF, reinforcing its support for broader adoption through regulated investment channels.
Coinbase CLO Urges U.S. to Catch Up
Reacting to the news, Coinbase CLO Paul Grewal stressed the need for the U.S. to establish clear crypto regulations. He called out the slow-moving U.S. regulatory environment and emphasized that it’s time for the nation to “catch up” with global counterparts like Canada and Brazil—where XRP spot ETFs already exist.
While the U.S. has made strides, such as the recent Senate approval of the GENIUS Act, Grewal pushed for the swift passage of the Clarity Act. This pending legislation aims to define a regulatory framework for digital assets and has recently advanced in the House with bipartisan support.
The Pressure Is On
With the launch of multiple XRP spot ETFs in Canada and growing institutional interest, the spotlight is now on U.S. lawmakers. If the United States wants to maintain its leadership in global finance and technology, regulatory clarity must become a top priority. As Grewal puts it, the time to act is now.
