The chief policy officer at Coinbase, Faryar Shirzad, anticipates that the United States will move quickly to establish regulatory frameworks for the cryptocurrency industry following Donald Trump's inauguration as president.
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Shirzad shared his perspective with CNBC, expressing optimism that crypto-focused legislation could advance through Congress "fairly quickly," given the president-elect’s strong pro-crypto stance.
Trump’s campaign platform included a commitment to fostering a favorable environment for digital assets, and the Republican Party’s victory in securing control of the House of Representatives and the Senate further solidifies this possibility. According to Shirzad, this governing trifecta is expected to streamline the process of passing crypto regulations.
“We now have the most pro-crypto Congress in history and an extraordinarily pro-crypto president preparing to take office,” Shirzad remarked during an event hosted by the U.K. division of Stand With Crypto, a Coinbase-supported advocacy organization.
“This combination creates an unprecedented opportunity for the 50 million Americans who own cryptocurrency to have their interests reflected in policy decisions.”
Currently, two critical pieces of cryptocurrency legislation are under consideration in Congress. The first is the Financial Innovation and Technology for the 21st Century Act, a Republican-led bill designed to establish a comprehensive legal framework for digital assets. This legislation successfully passed the House of Representatives earlier this year.
The second is the Clarity for Payment Stablecoins Act, which proposes a regulatory structure to license stablecoin issuers—tokens tied to the value of fiat currencies such as the U.S. dollar. While the stablecoin bill has yet to pass a House vote, Shirzad remains hopeful about its future.
Shirzad expressed optimism that both bills would eventually be approved, though he acknowledged a limited likelihood of their passage during the current "lame duck" session of Congress. Should these laws not be finalized this year, Shirzad anticipates significant progress and potential passage in 2025 for both market structure and stablecoin-focused legislation.
The Role of Crypto Lobbying
Trump's victory in the presidential race has been seen as a significant win for the cryptocurrency industry and underscores the growing influence of crypto-related lobbying efforts. Data from the Federal Election Commission reveals that crypto-focused political action committees (PACs) and other industry-aligned organizations collectively raised over $245 million to support various campaigns.
In addition, the Coinbase-backed Stand With Crypto Alliance introduced a candidate grading system to evaluate House and Senate members based on their stance on cryptocurrency. According to the alliance, nearly 300 lawmakers with pro-crypto positions will now serve in Congress.
Notably, Gary Gensler, the current Chair of the U.S. Securities and Exchange Commission (SEC), announced that he would step down on Jan. 20, coinciding with Trump’s inauguration. Gensler has been known for his stringent oversight of the crypto industry, and Trump previously signaled his intention to appoint a new SEC leader.
While Shirzad refrained from speculating on Trump’s choice for the next SEC chair, he expressed confidence in the president-elect’s ability to appoint someone aligned with his vision. “Trump is skilled at selecting individuals who share his comprehensive perspective on crypto,” Shirzad noted. “As long as his appointee is a change-maker who supports his vision, it will be a positive step for the United States, for society, and for crypto owners.”
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