Anticipated Shift in Crypto Legislation with New Administration
Optimism for Crypto-Friendly Policies Under Trump’s Leadership
As the countdown continues towards Donald Trump assuming the presidency, the anticipation within the cryptocurrency industry for favorable policies and refined regulations intensifies. With expectations set high for the next four years, industry leaders are optimistic about significant legislative advancements. Faryar Shirzad, Coinbase’s Chief Policy Officer, has indicated that starting January 20, 2025, the US Congress will likely expedite the process of passing digital asset-related legislation.
Prospects for Swift Legislative Passage in US Congress
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Following nearly a month after Donald Trump’s election as the 47th US President, Faryar Shirzad shared his insights into the evolving landscape for the crypto sector under the upcoming administration. In a CNBC interview, Shirzad expressed confidence that a more crypto-friendly government could accelerate the legislative process in Congress. The presence of what he describes as the “most pro-crypto Congress ever” aligns with the entry of a pro-industry president, potentially amplifying the voices of the 50 million Americans involved in crypto.
Coinbase’s Chief Legal Officer, Paul Grewal, echoed these sentiments, emphasizing the electorate’s demand for change across various sectors, including cryptocurrency. Coinbase’s CEO celebrated the industry’s triumph, acknowledging the 298 pro-crypto candidates elected to the House of Representatives and Senate, marking a historic moment for the sector.
Potential Legislative Milestones
Shirzad expressed optimism about the progression of the Financial Innovation and Technology for the 21st Century Act (FIT21) and the Clarity for Payment Stablecoins Act of 2023. While there is a slim possibility of these laws passing in the “lame duck” period post-election, Shirzad anticipates significant progress and potential approval of both market structure and stablecoin legislation in the coming year.
January 20, 2025: A Pivotal Moment for the Cryptocurrency Industry
The date January 20, 2025, stands as a crucial milestone for the crypto industry. Besides marking the beginning of Trump’s term, it also signals a farewell to Gary Gensler, the long-standing crypto skeptic and Chairman of the Securities and Exchange Commission (SEC). Trump’s endorsement of the crypto sector during his campaign garnered substantial support, with promises to remove Gensler, who has been at the forefront of stringent regulatory actions against the industry.
The community has been abuzz with speculation about Gensler’s fate under the new administration since November 5, with notable figures like Justin Sun expressing interest in hiring him post-SEC. Reports indicate that Gensler plans to step down on the day of Trump’s inauguration, sparking discussions about who will succeed him as the SEC’s chair.
Shirzad offered his perspective, noting that while he can’t predict Trump’s choice for the new SEC chair, he is confident in the president’s ability to select individuals who align with his vision. Shirzad believes that appointing a change-driven leader could benefit both the U.S. and the crypto community.
Bitcoin’s current trading status is a testament to the evolving market dynamics, with BTC prices reflecting ongoing trends. As the industry braces for potential transformation, the anticipation is palpable, setting the stage for what could be a defining era in cryptocurrency history.
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