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As Donald Trump gears up for a return to the White House, Coinbase’s Chief Policy Officer, Faryar Shirzad, is optimistic about swift and substantial crypto regulation in the United States.
Speaking to CNBC, Shirzad highlighted the potential for the rapid passage of cryptocurrency laws, thanks to Trump’s pro-crypto platform and the Republican Party’s newfound dominance in Congress.
With both the House of Representatives and Senate under Republican control, Shirzad expects the cryptocurrency market to see significant regulatory progress once the president-elect takes office.
Coinbase’s Faryar Shirzad: Expect significant progress on crypto legislation in the US by 2025. Full article: <cnbc.com/2024/12/02/coi…>
Unprecedented time for cryptocurrency in US politics
Trump’s victory has created a favorable environment for the 50 million Americans who own cryptocurrency, according to Shirzad.
The combination of a Republican-controlled Congress and a president who is widely seen as an ally of the crypto industry sets the stage for legislation to move through Capitol Hill “fairly quickly.”
Shirzad emphasized that this is an unprecedented time for cryptocurrency in US politics, with the most pro-crypto Congress in history poised to work alongside an enthusiastic president.
Shirzad’s comments come as two key pieces of crypto legislation advance through Congress.
The first, the Republican-backed Financial Innovation and Technology for the 21st Century Act, seeks to create a clear legal framework for digital assets.
The bill has already passed the House of Representatives.
The second bill, The Clarity for Payment Stablecoins Act, aims to establish a regulatory regime for stablecoins, which are digital tokens pegged to fiat currencies like the US dollar.
While the stablecoin bill has not yet passed the House, Shirzad is optimistic that both pieces of legislation will make significant progress, if not pass, by 2025.
Despite the strong momentum, Shirzad noted that the chances of seeing crypto laws approved during the post-election “lame duck” period are slim.
However, with Trump’s presidency set to begin in January 2025, the crypto community can expect significant developments in legislation related to market structure and stablecoins.
Growing influence of crypto’s lobbying efforts
Political action committees (PACs) connected to the crypto industry raised over $245 million in campaign donations, according to data from the Federal Election Commission.
Additionally, the Coinbase-backed Stand With Crypto Alliance has already worked to establish a grading system that assesses House and Senate candidates’ stances on crypto.
Nearly 300 lawmakers who support crypto interests are set to take office, a promising sign for the future of digital assets in the US.
The election results also signal an impending leadership change at the US Securities and Exchange Commission (SEC).
Chairman Gary Gensler, known for his stringent approach to crypto regulation, announced his departure ahead of Trump’s inauguration.
While Shirzad could not speculate on who Trump would choose to replace Gensler, he expressed confidence that Trump’s appointee would align with his pro-crypto vision, further accelerating the shift toward crypto-friendly policies.
For Shirzad and the crypto community, the prospect of a Trump presidency represents not only a political shift but also a golden opportunity to create a regulatory environment that supports innovation and protects the interests of cryptocurrency holders in the US.
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