Faryar Shirzad, Coinbase's Chief Policy Officer, suggests that the new US President Donald Trump's administration might expedite the passage of legislation regulating cryptocurrencies.
Faryar Shirzad's Forecasts
In an interview with CNBC on December 2, Shirzad expressed confidence that the Republican president-elect Trump’s pro-crypto stance, coupled with GOP control of Congress, will pave the way for significant legislative progress. He stated, "We have the most pro-crypto Congress ever and an extraordinarily pro-crypto president. This combination should allow the 50 million Americans who own crypto to have their interests heard."
Legislation Under Discussion
Two critical pieces of legislation are being considered to clarify regulations in the cryptocurrency space: the 'Financial Innovation and Technology for the 21st Century Act', providing a legal framework for cryptocurrencies, and the 'Clarity for Payment Stablecoins Act', focusing on regulating stablecoin issuers. The market structure bill has passed the House, while the stablecoin bill is still awaiting consideration. Shirzad tempered expectations for progress during the current session, noting the likelihood of passing these bills is small; however, he remains optimistic about significant legislative action in 2025.
Potential Appointments and Impacts
Analysts at the crypto financial services platform Matrixport have suggested that Trump's key appointments could further drive a crypto-friendly agenda. A recent report highlighted the potential impact of Trump's rumored nominees for top roles, including Cantor Fitzgerald CEO Howard Lutnick as Commerce Secretary, Scott Bessen as Treasury Secretary, and crypto advocate Paul Atkins as SEC Chair. If appointed, Atkins would likely replace the current SEC Chair, Gary Gensler, whom Trump has vowed to dismiss.
The anticipated Trump presidency with congressional backing is expected to significantly influence the regulatory framework of the crypto market in the US, potentially leading to positive changes for cryptocurrency holders.
