Coinbase Policy Chief Faryar Shirzad recently stated in an interview that Trump's successful election means that cryptocurrency-related regulations are likely to advance swiftly in Congress. Shirzad believes that the Republican control of the White House and U.S. Congress will pave the way for cryptocurrency legislation, allowing nearly 50 million Americans holding crypto assets to have a stronger voice.
The Republican Party's complete control accelerates the legislative process.
Shirzad stated that the Republican Party successfully secured a 'complete governance' situation in the White House, Senate, and House of Representatives, laying a good foundation for cryptocurrency legislation. He described this as 'the most cryptocurrency-friendly Congress in American history,' and with Trump's support, it is expected to quickly promote relevant bills, allowing the voices of American cryptocurrency holders to be heard in the future.
FIT21 and the stablecoin regulatory bill are key bills.
Currently, there are two important cryptocurrency bills advancing in Congress:
(21st Century Financial Innovation and Technology Act) (FIT21): proposed by the Republican Party, aims to establish a legal framework for digital assets. FIT21 has already passed in the House of Representatives.
(Stablecoin Payment Bill): aims to establish regulations for the issuance of stablecoins, ensuring that issuing institutions hold the necessary licenses; it has not yet passed the House vote.
Shirzad expressed optimism about the passage of these bills, anticipating significant progress by 2025. He also admitted that the likelihood of passage during the 'transition period' in 2024 is relatively low.
The image shows the stablecoin payment bill, which has not yet passed the House resolution. The Trump administration's support for cryptocurrency and its personnel layout.
Trump's election is a significant and encouraging event for the cryptocurrency market and industry, especially since he will establish a friendly regulatory framework for cryptocurrencies. Shirzad noted that Trump previously promised to fire the current SEC Chairman Gary Gensler immediately upon taking office on January 20, which has motivated the industry.
Shirzad stated that he cannot predict the new chairman's selection, but he believes Trump will choose someone 'with a reformist vision' who aligns with Trump's vision, which is a good thing for the crypto industry and the U.S. economy.
(SEC Chairman Gary Gensler will leave office on Trump's inauguration day; who are the popular candidates?)
The lobbying power in the crypto space should not be underestimated.
Trump's victory not only indicates the future direction of cryptocurrency policy but also reflects the lobbying power in the crypto space. Political action committees (PACs) related to cryptocurrency raised over $245 million during the election, and through the scoring system of the crypto advocacy organization Stand With Crypto, which is supported by Coinbase, they assisted voters in understanding congressional candidates' positions on cryptocurrency.
According to Stand With Crypto statistics, about 300 pro-cryptocurrency legislators will enter the new U.S. Congress to strengthen policy support for the crypto industry. Shirzad believes that the future political situation will drive U.S. cryptocurrency regulation to lead globally, benefiting all domestic cryptocurrency holders.
(Coinbase CEO: The U.S. presidential election witnesses a victory for the crypto industry, and opposing excessive regulation is key)
This article Coinbase executives: Trump's election will accelerate the passage of U.S. cryptocurrency bills, with FIT21 and the stablecoin bill as key focuses. First appeared in Chain News ABMedia.