Faryar Shirzad, Coinbase’s chief policy officer, expects a rapid push for comprehensive crypto regulation once President-elect Donald Trump begins his new term, CNBC reported on December 2.
Shirzad expressed confidence that legislative efforts to regulate the crypto industry would move forward “pretty quickly” in Congress under Trump’s leadership. His optimism comes from the combination of a pro-crypto president and a Congress that, under Republican control, could help speed up the process.
Shirzad added:
“We have the most pro-crypto Congress ever (in) history, we have an extraordinarily pro-crypto president taking office. I think this combination should finally allow the 50 million Americans who own cryptocurrencies to have their interests and voices heard in politics.
Legislative progress
These comments come amid consideration of two important crypto-related pieces of legislation. One of them is the Republican-sponsored Financial Innovation and Technology for the 21st Century Act (FIT 21), which passed the House of Representatives earlier this year and aims to create a legal framework for cryptography.
The second bill, the Clarity for Payment Stablecoins Act, aims to establish regulatory guidelines for stablecoin issuers. However, it still needs to be voted on by the House.
Although Shirzad remains hopeful that these bills will be approved, he acknowledges that the so-called “lame duck” period after the election – before Trump’s inauguration – offers little time for significant legislative progress. Nevertheless, he expects “significant movement” and possibly the adoption of legislation on market structure and stablecoin in 2025.
Shirzad also highlighted the importance of the upcoming departure of US Securities and Exchange Commission (SEC) Chairman Gary Gensler, scheduled for January 20, the same day as Trump’s inauguration.
Shirzad remains optimistic that the new administration will appoint an SEC chairman who aligns with Trump’s crypto-friendly platform, saying:
“I think as long as he chooses someone who is an agent of change and who shares his vision, I think it will be good for the United States, good for society and good for crypto owners.”
