Coinbase Chief Policy Officer Hirshfeld stated that he believes cryptocurrency legislation will progress "quite swiftly" in Congress after Trump takes office. Trump is well-known for his pro-cryptocurrency policy platform during his campaign. He made this statement as two key pieces of cryptocurrency-related legislation are advancing 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 "Stablecoin Transparency Act," which aims to establish a regulatory framework to license stablecoin issuers—stablecoins are tokens that are pegged to the value of fiat currencies like the US dollar. The stablecoin bill has not yet been voted on in the House.