Donald Trump To Quickly Pass Pro-Crypto Legislation In US, Coinbase Exec Say

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As a seasoned analyst with extensive experience in the financial industry and a keen eye for regulatory trends, I find the recent statements from Coinbase’s Chief Policy Officer, Faryar Shirzad, highly intriguing. The optimism surrounding pro-crypto legislation under the Trump administration is not just wishful thinking; it’s backed by solid evidence – the Republican Party’s historic win in Congress and Donald Trump’s vocal support for cryptocurrencies.

According to Faryar Shirzad, chief policy officer at Coinbase, it is anticipated that the Trump administration will soon push for pro-cryptocurrency legislation in the U.S., with expectations that this bill could move swiftly through Congress. This development is highly anticipated within the cryptocurrency industry as it would bring much-needed regulatory clarity to the U.S. market.

Donald Trump Has A Pro-Crypto Congress

In November’s U.S. Presidential elections last month, Donald Trump’s Republican Party achieved an unprecedented triumph by taking control of not only the presidency, but also the Senate and the House of Representatives. Shirzad speculates that this significant victory could pave the way for a smoother process in passing crypto-related legislation. Moreover, Coinbase CEO Brian Armstrong has also commented on Trump’s win as being beneficial for cryptocurrency.

A week ago, the British branch of Coinbase-aligned advocacy organization Stand With Crypto organized a gathering. During this event, Shirzad addressed CNBC by saying:

With a highly supportive Congress for cryptocurrency, and an incoming president showing strong backing for it, I believe this combination will ultimately give the approximately 50 million American crypto owners a chance to express their views and concerns on policy matters related to their investments.

Two significant parts of cryptocurrency legislation are expected to be presented in the U.S. Congress soon. The first is known as the FIT 21 Crypto Bill, which was sponsored by Republicans and aims to create a legal structure for digital currencies. This bill, previously passed in the House of Representatives earlier this year, focuses on establishing a legal framework for digital assets.

The second piece of suggested legislation is known as the Payment Stablecoins Clarification Act. This bill aims to establish a regulatory system for companies issuing stablecoins, which are digital tokens that mirror the value of traditional currencies such as the U.S. dollar. At present, this act is yet to be approved following a House vote.

In an interview with CNBC, Shirzad expressed his continued optimism about the approval of the legislation. He also mentioned that if Congress doesn’t pass crypto laws this year, he anticipates substantial progress towards the passing of both market structure legislation and stablecoin legislation by 2025.

Coinbase Introduces Crypto Products With Its Lobbying Power

After Donald Trump’s election win, digital currency exchange Coinbase has been taking significant steps. Recently, they launched the COIN50 Index, which can be likened to the S&P 500 in the traditional stock market.

2024 U.S. Elections saw significant influence from cryptocurrency companies like Coinbase, as data from the Federal Election Commission indicates substantial contributions towards Donald Trump’s campaign from political action committees (PACs) related to crypto. Moreover, the Stand With Crypto Alliance, which was backed by Coinbase, also played a significant part in these elections.

Next month, on January 20th, Gary Gensler, who has been recognized for his stance against cryptocurrencies as the head of the U.S. Securities and Exchange Commission (SEC), will be stepping down from his position. As of now, it remains undecided who President Donald Trump will choose to replace him, with Paul Atkins emerging as a strong candidate for the role.

Shirzad pointed out that it’s uncertain who Trump might pick for the position of SEC chair, but he underscored that the President-elect has consistently chosen people whose views align with his own agenda.

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2024-12-02 13:32