Just seven weeks before Donald Trump takes office, the crypto industry’s expectations for a friendlier administration and better regulation over the next four years continue to rise.
Coinbase Chief Policy Officer (CPO) Faryar Shirzad has suggested that after January 20, 2025, legislation related to the digital asset sector will move quickly through the modern US Congress.
The US Congress expected to quickly pass cryptocurrency regulations
Nearly a month after Donald Trump’s election as the 47th president of the United States, Coinbase CPO Faryar Shirzad revealed his perspective on a modern era in the cryptocurrency industry under the incoming administration.
Shirzad he said CNBC believes cryptocurrency legislation will pass through the U.S. Congress “pretty quickly” now that a friendlier government is in the White House. Coinbase’s CPO believes the process of approving the law will likely speed up as the US now has the “most pro-crypto Congress in history” [in] history” and the pro-industry president taking office.
He added that this connection “should finally allow the 50 million Americans who own cryptocurrencies to have their interests and voices heard in politics.” Coinbase (CLO) Chief Legal Officer Paul Grewal previously shared a similar sentiment, emphasizing that voters “have said loud and clear that they want change” on many issues, including the cryptocurrency industry.
Meanwhile, Coinbase’s chief executive officer (CEO) marked a victory for the sector, welcoming members of the “most pro-crypto Congress of all time” in America after 298 industry-friendly candidates were elected to represent the sector between the House of Representatives and the Senate.
Live election results. Source: Stand With Crypto
Shirzad also shared optimism about the Republican-sponsored Financial Innovation and Technology for the 21st Century Act (FIT21) and the Stablecoins Payments Transparency Act of 2023 moving through the US Congress.
He noted that there is little chance the bills will be passed in the “poor post-election period.” However, he suggested that even if the regulations are not approved this year, he expects “significant movement and hopefully adoption of both market structure and stablecoin regulations” next year.
January 20, 2025: A key date for the industry
January 20, 2025 has become a key date for the industry. In addition to Trump taking office, the sector will say goodbye to longtime cryptocurrency adversary Gary Gensler, chairman of the Securities and Exchange Commission (SEC).
After Trump endorsed the sector during his presidential campaign, he received support from several industry figures and community members. As part of his support for cryptocurrencies, the Republican politician promised to fire Gensler, who has been aggressively attacking the sector for the past three years.
Since November 5, the community has been theorizing about Gensler’s future under the modern administration, with figures such as Justin Sun offering to hire him after leaving the SEC. As Bitcoinist reports, the SEC chairman recently announced his departure from the regulatory agency on Trump’s inauguration day, sparking speculation about the modern commission chairman.
Shirzad chimed in, saying he couldn’t predict who Trump would choose, but added that the president-elect was “very good at selecting people who share his vision and has a very comprehensive cryptocurrency platform.”
Ultimately, he believes that “as long as he elects someone who is a change agent and shares his vision, I think it will be good for the United States, good for society, good for the people who own cryptocurrencies.”
Bitcoin (BTC) is trading at $95,272 in the weekly chart. source: BTCUSDT on TradingView
Featured image from Unsplash.com, chart from TradingView.com
