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Donald Trump To Quickly Pass Pro-Crypto Legislation In US, Coinbase Exec Say

Coinbase's chief policy officer, Faryar Shirzad, expects swift progress on crypto legislation by Donald Trump's team amid a historic win.
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Donald Trump To Quickly Pass Pro-Crypto Legislation In US, Coinbase Exec Say

Highlights

  • Coinbase executive expects two key bills—the FIT 21 Crypto Bill and the Clarity for Payment Stablecoins Act— to advance faster.
  • Shirzad highlighted the presence of the most pro-crypto Congress in U.S. history following Donald Trump's victory.
  • Shirzad expects significant progress on both market structure and stablecoin regulations by 2025.

Coinbase’s top policy recently stated that he expects the Donald Trump administration to pass pro-crypto legislation in the United States very soon. Faryar Shirzad, chief policy officer at Coinbase, expects crypto legislation to pass through Congress “fairly quickly”. The crypto industry has been eagerly awaiting the same to bring regulatory clarity in the US crypto market.

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Donald Trump Has A Pro-Crypto Congress

During the US Presidential elections last month in November, Donald Trump’s Republican Party secured a historic win while gaining control of both, the Senate and the House of Representatives. Shirzad believes that such a historic victory will make the process of approving crypto legislation, even easier. Last month, Coinbase CEO Brian Armstrong also referred to Donald Trump’s victory as a win for crypto.

Last week, the U.K. division of Coinbase-backed advocacy group Stand With Crypto hosted an event. Speaking at the event, Shirzad told CNBC said:

“We have the most pro-crypto Congress ever [in] history, we have an extraordinarily pro-crypto president coming into office. I think the combination should finally allow the 50 million Americans who own crypto to have their interests and voice heard in policy.”

Two major aspects of the crypto legislation will soon make its way to the US Congress. The first one if the Republican-sponsored FIT 21 Crypto Bill which seeks to establish a legal framework for digital assets. Passed in the House of Representatives earlier this year, this crypto bill seeks to establish a legal framework for digital assets.

The second is the Clarity for Payment Stablecoins Act, a proposed bill aimed at creating a regulatory framework to license stablecoin issuers—digital tokens tied to the value of fiat currencies like the U.S. dollar. The legislation is still awaiting approval in a House vote.

Speaking to CNBC, Shirzad stated that he remains “optimistic” regarding the passing of the legislation. However, he adds that even if Congress doesn’t pass the crypto laws this year, he expects “significant movement and hopefully passage of both market structure legislation and stablecoin legislation” in 2025.

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Coinbase Introduces Crypto Products With Its Lobbying Power

Following Donald Trump’s victory, crypto exchange Coinbase is making key moves. Last month it introduced the COIN50 Index, which is the crypto market equivalent of the S&P 500.

The lobbying by crypto firms, including Coinbase and others has played a crucial role in deciding the outcome of the US Elections 2024. The Federal Election Commission data shows that crypto-related PACs poured massive donations to Doland Trump’s election campaign. Similarly, the Coinbase-backed Stand With Crypto Alliance also had a major role to play.

US SEC Chair Gary Gensler, known for his anti-crypto regime, will step down on January 20 next month. Donald Trump is yet to appoint the next SEC chair with Paul Atkins being the leading contender for the same.

Shirzad noted that while he can’t predict who Trump will choose as SEC chair, he emphasized that the president-elect has a strong track record of selecting individuals aligned with his vision.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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