Coinbase Chief Policy Officer Faryar Shirzad stated that he believes cryptocurrency legislation will advance "quite rapidly" in Congress after Trump took office. Trump was known during his campaign for his well-known policy platform supporting cryptocurrency. As he made this statement, two key pieces of cryptocurrency-related legislation are progressing in Congress. One is the Republican-sponsored "21st Century Financial Innovation and Technology Act," which aims to establish a legal framework for digital assets. This bill passed the House earlier this year. The other is the "Payment Stablecoin Classification Act," which aims to establish a regulatory framework to license stablecoin issuers—stablecoins are tokens pegged to the value of fiat currencies like the dollar. The stablecoin bill has not yet been voted on in the House.