Anticipation of Rapid Crypto Regulation Under Trump Administration
Coinbase chief policy officer Faryar Shirzad believes that comprehensive crypto regulation will be a top priority once President-elect Donald Trump begins his new term. Shirzad’s insights were reported by CNBC on Dec. 2.
Optimism for Quick Legislative Progress
Shirzad is optimistic about the swift advancement of legislative efforts to regulate the crypto industry under Trump’s leadership. He points to a Congress that is supportive of crypto and could help expedite the regulatory process.
“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.”
Current Legislative Landscape
The current legislative landscape includes the consideration of two significant pieces of crypto-related legislation. The first is the Financial Innovation and Technology for the 21st Century Act (FIT 21), a Republican-sponsored bill that aims to establish a legal framework for crypto. The second bill, the Clarity for Payment Stablecoins Act, seeks to provide regulatory guidelines for stablecoin issuers.
Shirzad is hopeful that these bills will gain approval, but he acknowledges the limited time for significant legislative progress during the “lame duck” period before Trump’s inauguration. Despite this, he anticipates movement towards the passage of market structure and stablecoin legislation in 2025.
Upcoming Changes at the SEC
Shirzad also highlighted the upcoming departure of US Securities and Exchange Commission (SEC) Chair Gary Gensler, scheduled for Jan. 20. He remains optimistic that the incoming administration will appoint an SEC chair who aligns with Trump’s crypto-friendly platform.
“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.”
