The entry of Donald Trump's administration could mark a crucial point for cryptocurrency regulation in the US. Coinbase's Chief Policy Officer, Faryar Shirzad, expressed optimism about the potential for rapid legislative advancements.
Legislative Progress in Crypto Sector
Shirzad described the new administration as the most pro-crypto in history. He stated that the Republican-controlled presidency and Congress could facilitate the advancement of two key legislations: the Financial Innovation and Technology for the 21st Century Act and the Clarity for Payment Stablecoins Act.
Role of Advocacy and Lobbying
Trump's victory also highlights the growing power of crypto lobbying. Federal Election Commission data shows that crypto-related political action committees raised over $245 million ahead of the elections. Coinbase-backed groups played a critical role in securing seats for nearly 300 pro-crypto candidates in Congress.
Changes in SEC Leadership
The regulatory landscape might shift with the departure of SEC Chair Gary Gensler, who will step down on January 20, coinciding with Trump administration’s inauguration. Shirzad expressed confidence that Trump would appoint a leader aligned with his crypto-friendly vision.
The potential cryptocurrency regulation in the US awaits significant changes due to the impact of Trump's administration, promising new opportunities for both investors and the industry at large.
