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.
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.
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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