Coinbase Chief Policy Officer Faryar Shirzad expects that once Trump takes office, the U.S. will quickly regulate the cryptocurrency industry, and cryptocurrency legislation will pass through Congress 'fairly quickly.'
The Republican Party also controls the House of Representatives and the Senate, and Shirzad stated that this should make the process of approving cryptocurrency laws smoother.
Recently, Shirzad stated at an event organized by the Stand With Crypto UK branch: 'We have the most supportive Congress for cryptocurrency in history, and we have a president who is particularly supportive of cryptocurrency taking office. I believe this combination should ultimately allow the interests and voices of 50 million American cryptocurrency holders to be heard in policy.'
His comments come as two key pieces of cryptocurrency-related legislation are being considered in Congress. One is the Republican-sponsored (21st Century Financial Innovation and Technology Act), aimed at establishing a legal framework for digital assets. This bill passed the House earlier this year. The other is the (Stablecoin Clarification Act), which aims to establish a regulatory framework for issuing licenses to stablecoin issuers and has yet to pass a vote in the House.
Shirzad stated that he is 'optimistic' that the bill will pass, but noted that the likelihood of cryptocurrency legislation being considered in the so-called 'lame duck' post-election period is 'very small.' Even if Congress does not approve cryptocurrency laws this year, Shirzad expects significant progress on 'market structure legislation and stablecoin legislation' by 2025, with hopes of passage. (CNBC)