Just seven weeks before Donald Trump takes office, the crypto industry’s expectations for a friendlier administration and better regulations over the next four years continue to rise.
Coinbase Chief Policy Officer (CPO) Faryar Shirzad suggested that after January 20, 2025, legislation relating to the digital asset sector would be quickly passed by the new US Congress.
US Congress should quickly pass crypto laws
Nearly a month after Donald Trump was elected the 47th US president, Coinbase CPO Faryar Shirzad revealed his vision for the new era of the crypto industry under the next administration.
Shirzad told CNBC that he believes crypto legislation will pass “pretty quickly” by the US Congress now that a friendlier government is entering the White House. Coinbase CPO believes the law approval process will likely accelerate as the United States now has the “most pro-crypto Congress in history” and a pro president taking office. -industry.
He added that this combination “should finally allow the 50 million Americans who own crypto to have their interests and voices heard in politics.” Paul Grewal, Coinbase’s chief legal officer, previously shared a similar opinion, noting that voters “said loud and clear that they want change” on many issues, including the crypto industry.
Meanwhile, Coinbase’s CEO highlighted the industry’s victory, hailing members of the “most pro-crypto Congress ever in America” after 298 industry-friendly candidates were voted in to represent the industry between the House representatives and the Senate.
Live election results. Source: Stand With Crypto
Shirzad also shared his optimism about the Republican-sponsored Financial Innovation and Technology for the 21st Century Act (FIT21) and the Stable Payments Clarity Act of 2023 passed by the U.S. Congress.
He noted that there is only a small chance the laws will be passed during the “lame post-election period.” However, he suggested that even if the legislations are not approved this year, he expects “significant movement and, hopefully, adoption of both the market structure legislation and the stablecoin legislation” next year.
January 20, 2025: key date for the sector
January 20, 2025 has become a key date for the industry. In addition to Trump taking office, the industry will bid farewell to longtime crypto opponent Gary Gensler, chairman of the Securities and Exchange Commission (SEC).
After Trump supported the industry during his presidential campaign, he received support from several industry figures and community members. As part of his support for crypto, the Republican politician promised to fire Gensler, who has led an aggressive crackdown on the sector over the past three years.
Since November 5, the community has theorized about Gensler’s future under the new administration, with figures like Justin Sun proposing to hire him after leaving the SEC. As Bitcoinist reports, the SEC chairman recently announced his departure from the regulatory agency on Trump’s inauguration day, leading to speculation about the Commission’s new chairman.
Shirzad weighed in, saying he couldn’t predict who Trump’s pick would be, but added that the newly elected president is “very good at picking people who share his vision and he has a platform very complete on cryptography.
Ultimately, he believes that “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, good for crypto owners “.
Bitcoin (BTC) is trading at $95,272 in the weekly chart. source: BTCUSDT on TradingView
Featured image from Unsplash.com, chart from TradingView.com
