With just seven weeks before Donald Trump takes office, the cryptocurrency industry’s expectations for friendlier governance and better regulations in the next four years continue to rise.
Chief Policy Officer (CPO) of Coinbase, Faryar Shirzad, suggested that after January 20, 2025, legislation related to the digital asset sector will be quickly passed through the new US Congress.
The US Congress is expected to quickly pass cryptocurrency laws
Nearly a month after Donald Trump was elected the 47th President of the United States, Faryar Shirzad, COO of Coinbase, revealed his outlook on the new era of the cryptocurrency industry under the incoming administration.
Sherzad He said CNBC believes that cryptocurrency legislation will pass through the US Congress “fairly quickly” now that a friendlier government has entered the White House. Coinbase’s CPO sees the bill’s approval process as likely to accelerate given that the US now has “the most pro-crypto Congress ever (in) history” and a pro-industry president taking office.
He added that this combination “should finally allow the 50 million Americans who own cryptocurrencies to have their interests and voices heard in politics.” Paul Grewal, chief legal officer at Coinbase, previously shared a similar sentiment, highlighting that voters “said loudly and clearly that they want change” on many issues, including the cryptocurrency industry.
Meanwhile, Coinbase’s CEO (CEO) signaled victory for the sector, welcoming members of the “most pro-crypto US Congress ever” after voting on 298 industry-friendly candidates to represent the sector between the House and Senate.
Live election results. Source: Stand With Crypto
Shirzad also expressed optimism about the Republican-sponsored Financial Innovation and Technology Act for the 21st Century (FIT21) and the Stablecoin Payment Clarity Act of 2023 moving through the US Congress.
He pointed out that there is little chance of passing the laws in the “lame duck period after the elections.” However, he noted that even if legislation is not approved this year, he expects “big movement and hopefully both market structure legislation and stablecoin legislation to be passed” next year.
January 20, 2025: Key date for the sector
January 20, 2025 has become a key date for the industry. Along with Trump taking office, the sector will say goodbye to longtime crypto opponent, Gary Gensler, Chairman of the Securities and Exchange Commission (SEC).
After Trump endorsed the sector during his presidential campaign, he received support from many industry figures and community members. As part of his endorsement of cryptocurrencies, the Republican politician promised to fire Gensler, who has led a 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 offering to hire him after leaving the SEC. As Bitcoinist reported, the head of the SEC recently announced his departure from the regulatory agency on Trump’s inauguration day, leading to speculation about the new head of the commission.
Shirzad commented that he could not predict who Trump would be, but added that the newly elected president is “very good at choosing people who share his vision, and he had a very inclusive platform on crypto.”
Ultimately, he believes, “as long as he chooses someone who is a change agent and shares his vision, I think it will be good for the United States and society, and good for the people who own cryptocurrencies.”
Bitcoin (BTC) is trading at $95,272 in the weekly chart. source: BTCUSDT on TradingView
Featured image from Unsplash.com, chart from TradingView.com
Comments are closed, but trackbacks and pingbacks are open.