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Highlights
- Paul Grewal has defended Coinbase against Solana hate allegations
- Solana ecosystem leaders have commended Coinbase's backing
- The industry is now seeing a level playing field under the Trump administration
Paul Grewal, the Chief Legal Officer (CLO) of American crypto trading platform Coinbase Globase Inc., has debunked the claims that the exchange “hates Solana.” Directly responding to an X user who made the claims, Grewal noted that the exchange had spent millions to fight for the protocol.
Coinbase CLO and the Fight for Solana
According to Paul Grewal, Coinbase has spent millions of dollars to defend Solana against the United States Securities and Exchange Commission (SEC). Specifically, the markets regulator once argued that the sales of Solana and other altcoins on retail platforms are securities.
The Coinbase CLO also noted that he and his team “wake up every day thinking about how we defeat this outrageous attack.” He claims the trading platform’s legal steam will not stop its fight “because we believe in SOL.”
Huh? I’ve spent millions of dollars of @coinbase $ to defend SOL against an @SECGov lawsuit falsely accusing it of being a security. My team and I wake up every day thinking about how we defeat this outrageous attack. And we aren’t stopping, because we believe in SOL. If that’s… https://t.co/GMKy0QtLcA
— paulgrewal.eth (@iampaulgrewal) January 25, 2025
He ended his post by noting that if all that he has done is the definition of hate, then anyone is free to call him a “hater.”
The post has generated a lot of responses from industry leaders, including Solana’s top leaders, Anatoly Yakovenko and Raj Gokal. Yakovenko noted that the Solana ecosystem is 100% blessed to have Coinbase in its corner.
Support For SOL-Based Tokens
Coinbase Exchange’s support for the Solana ecosystem also extends to giving accessibility to some of the tokens launched on the network. The trading platform contributes to the broader Solana ecosystem growth through listings and yield products.
As reported earlier by Coingape, Coinbase added PNUT meme coin on the Solana network earlier this year. With the SOL ecosystem welcoming a new wave of memecoins, including TRUMP and MELANIA, Coinbase became the top go-to platform for these assets in the US.
Due to the massive TRUMP and MELANIA trading, the exchange even suffered network congestion that drew community backlash. Coinbase CEO Brian Armstrong has unveiled plans to offer tier-1 support for Solana to address this situation. This will help in addressing the network challenges.
Push for Level Playing Field
In the run-up to the US Presidential elections, Coinbase Exchange played a significant role in pushing pro-crypto candidates. The trading platform is one of the biggest donors to Fairshake, a Super PAC that backs crypto-friendly candidates.
The exchange efforts finally paid off with the victory and inauguration of President Donald Trump. In the past week, the President signed an Executive Order to see the country create a national digital asset stockpile.
This EO is another measure to level the playing field for Bitcoin and altcoins like Solana
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