CNBC reported that Faryar Shirzad, the chief policy officer at Coinbase, anticipates an aggressive push to regulate crypto once Donald Trump takes office.
Shirzad is confident that the legislative effort to regulate crypto will move forward “fairly quickly” through Congress under Trump’s leadership. The combination of an anti-crypto President and a Congress, controlled by Republicans, that could speed up the process is what gives him optimism.
Shirzad added:
“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.”
Legislative Progress
These comments coincide with the discussion of two key pieces of legislation related to crypto. The first is the Republican Financial Innovation and Technology for the 21st Century Act, which was passed by the House of Representatives in the beginning of this year. It aims to establish a legal framework for cryptocurrency.
Clarity for Payment Stablecoins Act – the second bill – aims at establishing regulatory guidelines for issuers of stablecoins. It still has to be approved by the House.
Shirzad, while he remains optimistic that these bills would be approved, acknowledged that so-called “lame duck” period after the election — before Trump’s inauguration — offers limited time for significant legislative progress. He still expects “significant movement”And possibly, the passing of stablecoin and market structure legislation by 2025.
Shirzad also noted the significance of US Securities and Exchange Commission (SEC) Chair Gary Gensler’s upcoming departure, scheduled for Jan. 20, the same day as Trump’s inauguration.
Shirzad remains optimistic that the incoming administration will appoint an SEC chair who aligns with Trump’s crypto-friendly platform, stating:
“I think as long as he picks somebody who’s a change agent and who shares his vision, I think it’ll be good for the US, good for society, and good for the people that own crypto.”
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