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Just seven weeks before Donald Trump takes office, the crypto industry’s expectations of a friendlier administration and better regulations in the next four years continue to rise.
Coinbase’s Chief Policy Officer (CPO), Faryar Shirzad, suggested that after January 20, 2025, legislation related to the digital assets sector will quickly pass through the new US Congress.
US Congress Expected To Swiftly Pass Crypto Laws
Nearly a month after Donald Trump was elected the 47th US President, Coinbase’s CPO, Faryar Shirzad, revealed his outlook on the crypto industry’s new era under the upcoming administration.
Shirzad told CNBC he believes crypto legislation will pass through the US Congress “fairly quickly” now that a friendlier government will enter the White House. Coinbase’s CPO considers that the law-approving process will likely speed up since the US now has the “most pro-crypto Congress ever [in] history” and a pro-industry president coming into office.
He added that this combination “should finally allow the 50 million Americans who own crypto to have their interests and voice heard in policy.” Coinbase’s Chief Legal Officer (CLO) Paul Grewal previously shared a similar opinion, highlighting that voters “said loud and clear that they want a change” on many issues, including the crypto industry.
Meanwhile, Coinbase’s Chief Executive Officer (CEO) noted the sector’s victory, welcoming the members of America’s “most pro-crypto Congress ever” after 298 industry-friendly candidates were voted to represent the sector between the House of Representatives and Senate.
Live election results. Source: Stand With Crypto
Shirzad also shared optimism over the Republican-sponsored Financial Innovation and Technology for the 21st Century Act (FIT21) and the Clarity for Payment Stablecoins Act of 2023 passing through the US Congress.
He noted that there’s only a small chance the laws will get passed in the “lame duck post-election period.” However, he suggested that even if the legislations aren’t approved this year, he expects a “significant movement and hopefully passage of both market structure legislation and stablecoin legislation” next year.
January 20, 2025: Key Date For The Sector
January 20, 2025, has become a key date for the industry. Besides Trump taking office, the sector will say goodbye to long-time crypto opponent 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 crypto endorsement, the Republican politician promised to fire Gensler, who has led an aggressive crackdown on the sector over the last three years.
Since November 5, the community theorized about Gensler’s future under the new administration, with figures like Justin Sun offering to hire him after leaving the SEC. As reported by Bitcoinist, the SEC’s chairman recently announced his departure from the regulatory agency on the day of Trump’s inauguration, which led to speculation about the Commission’s new chair.
Shirzad weighed in, stating that he can’t predict who Trump’s pick will be but added that the newly elected President is “very good in picking people who share his vision, and he had a very comprehensive platform on crypto.”
Ultimately, he considers that “as long as he picks somebody who’s a change agent and who shares his vision, I think it’ll be good for the U.S., society, good for the people that own crypto.”
Bitcoin (BTC) is trading at $95,272 in the weekly chart. source: BTCUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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