Paul Grewal steps down as Coinbase CLO at end of July, moving to advisory role; Polymarket odds for the Clarity Act passing in 2026 fall to 46% as the bill stalls in the Senate.
Paul Grewal is leaving his role as chief legal officer at Coinbase at the end of July. He will move to an advisory position. Molly Abraham, currently the deputy general counsel, will take over as the company's new general counsel.
Grewal announced the move on X. He listed his accomplishments at Coinbase: taking the company public, defeating the SEC in court, and helping push legislation like the GENIUS and CLARITY Acts. The post drew an immediate wave of praise from industry peers.
Emilie Choi, Coinbase's president and COO, said it is "impossible" to overstate Grewal's impact on the company and the broader crypto industry. Faryar Shirzad, chief policy officer at Coinbase, thanked Grewal for his "coolness under fire" over the last five years.
Regulatory expert Alexander Grieve said crypto "wouldn't be anywhere near where it is today" without Grewal's work. Dan Gallagher, chief legal officer at Robinhood Markets, called Grewal a "fierce advocate for the rule of law and rational regulatory policy."
The departure comes as the Digital Asset Market Clarity Act, a bill Grewal helped champion, appears to have lost steam. The legislation cleared the Senate Banking Committee in May 2026, proposing a split of oversight between the SEC and the Commodity Futures Trading Commission.
Some on social media tied Grewal's exit directly to the bill's prospects. One commentator wrote: "Clarity isn't passing bros." Another asked whether the departures of "legal minds like Paul and Danny" mean the law has no chance or the work is done.
Polymarket odds for the Clarity Act passing this year have dropped to 46%. No date has been set for a floor vote in the Senate.
Read more on the CLARITY Act's Senate path and the ethics dispute
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