- Following Trump’s victory, Coinbase’s policy chief predicts rapid U.S. crypto regulation.
- Republican control of Congress is expected to expedite pro-crypto legislation.
What happened
Faryar Shirzad, the chief policy officer at Coinbase, has stated that he anticipates the Donald Trump administration will swiftly pass pro-crypto legislation in the United States. This comes on the heels of the Republican Party‘s significant win, securing control of both the Senate and the House of Representatives, which Shirzad believes will simplify the process of approving crypto laws.
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Why it is important
The anticipated speed of crypto law approval is crucial as it could significantly impact the U.S. crypto market by providing regulatory clarity. With what Shirzad describes as “the most pro-crypto Congress ever in history” and an “extraordinarily pro-crypto president,” the stage is set for the interests of the 50 million Americans who own crypto to be heard in policy. This development is particularly important for the cryptocurrency industry, as it awaits regulatory clarity to bolster investor confidence and foster innovation. The legislation in question includes the Financial Innovation and Technology for the 21st Century Act and the Clarity for Payment Stablecoins Act, both of which are crucial for establishing legal frameworks for digital assets and stablecoin issuers, respectively. Shirzad’s optimism suggests that despite a “small” chance of legislation being considered in the post-election period, significant movement is expected in 2025, potentially leading to the passage of both market structure and stablecoin legislation. This aligns with the broader industry expectation that a Trump presidency will be favorable for crypto, potentially leading to a more supportive regulatory environment.
