Coinbase’s Chief Policy Officer, Faryar Shirzad, shared an optimistic outlook for crypto legislation under a Trump presidency. He believes that after Donald Trump takes office, Congress will swiftly pass crypto-related laws.
Shirzad anticipates a significant push in 2025 to pass both market structure and stablecoin legislation. He emphasized that with a pro-crypto president and Congress, the United States is entering a new era of crypto regulation.
Shirzad views this as a catalyst for rapid progress, as the Republican Party now controls both the House of Representatives and the Senate. He said this could have 50 million American owners of digital currency have their voices represented in policy-making.
Two pieces of pivotal legislation for the sector passed Congress. Republicans championed the Financial Innovation and Technology for the 21st Century Act, which the US House already passed.
This bill creates a legal regime for digital currencies. The Clarity for the Payment Stablecoin Act: Well, it did not completely leave the House, and there are concerns about regulations on the issuer of these stablecoins.
Crypto industry’s growing lobbying power
Despite some uncertainty about the “lame duck” period post-election, Shirzad is hopeful that these laws will pass in 2025. The digital asset industry has seen its lobbying power grow, especially following Trump’s election victory.
Crypto PACs have received more than $245 million in funds, which clearly exposes the sector’s strength. The Coinbase-backed Stand With Crypto Alliance is moreover monitoring pro-crypto legislators and even forecasting that almost 300 will be in the House and Senate.
As Trump’s presidential inauguration approaches, the resignation of U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler is another important event. Trump has already launched his plan to change Gensler, a critic of the digital asset industry, with a new candidate.
Although Shirzad cannot say for sure who the SEC pick will be, he has faith in the president-elect to appoint someone who shares his vision. He, moreover, assumes that this will be a triumph for the U.S. and digital currency owners.
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