Trump’s Pro-Crypto Presidency Promises Rapid Regulatory Progress, Says Coinbase Policy Chief

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As a seasoned crypto investor with over two decades of experience navigating the ever-evolving digital asset landscape, I find myself brimming with optimism following Faryar Shirzad’s recent statements at the Coinbase-backed advocacy event in London. The alignment of a pro-crypto White House and Congress presents an unprecedented opportunity for transformative progress in U.S. cryptocurrency policy – one that I have long hoped to witness.

Faryar Shirzad, the top policy executive at Coinbase, voiced hope that the alignment of a pro-cryptocurrency president and supportive members of Congress might shatter the long-standing impasse in the regulatory sphere for digital assets.

Shirzad underscored the unprecedented alignment of a pro-crypto White House and a Republican-controlled Congress, calling it the “most pro-crypto Congress in U.S. history.” Speaking at a Coinbase-backed advocacy event in London on Dec. 2, Shirzad highlighted the opportunity to advance legislation that would shape the future of digital assets and stablecoins.

With a president who is highly supportive of cryptocurrency taking office, it’s now likely that the concerns and opinions of the approximately 50 million American crypto owners will be considered in government policies,” Shirzad stated.

Key Legislative Proposals on the Horizon

Two major bills are poised to set the tone for the crypto industry:

  1. The Financial Innovation and Technology for the 21st Century Act (FIT 21 Crypto Bill): This Republican-sponsored bill aims to establish a legal framework for cryptocurrencies and passed the House of Representatives earlier this year.
  2. The Clarity for Payment Stablecoins Act: This proposed legislation seeks to regulate stablecoin issuers by creating a licensing regime for digital tokens pegged to fiat currencies like the U.S. dollar. While still awaiting a House vote, its passage is expected to streamline stablecoin use in global trade and payments.

By 2025, Shirzad expects substantial advancements on both pieces of legislation, likening their approval as a crucial milestone towards achieving regulatory certainty.

SEC Chair Gary Gensler’s Exit and the Crypto Industry’s Strategic Lobbying

Famous for his firm stance on cryptocurrency regulation, SEC Chair Gary Gensler fueled optimism with his announcement to step down, effective on January 20, 2025 – the same day as Donald Trump’s re-inauguration. This move by Gensler might indicate a change in regulatory approach.

Shirzad is optimistic that Trump may select an SEC chairman who supports his administration’s pro-cryptocurrency viewpoint, which could encourage advancements in the American cryptocurrency sector.

1) In the realm of cryptocurrencies, various sectors have been actively funding political candidates who are favorable towards digital currencies. According to the Federal Election Commission, cryptocurrency-related Political Action Committees (PACs) amassed over $245 million during the 2024 elections to sway political decisions in their favor. Additionally, Coinbase’s advocacy group, the Stand With Crypto Alliance, developed a rating system for evaluating politicians’ views on bitcoin, ultimately helping elect approximately 300 pro-crypto representatives.

Trump’s victory and his administration’s positive attitude towards it have given a fresh boost to the cryptocurrency sector. Shirzad emphasized the importance of capitalizing on this energy to position the U.S. as a world leader in digital currencies.

The stakes are high, with stablecoin regulation being particularly urgent given its growing role in international payments. If successful, this regulatory overhaul could unlock the full potential of digital assets, paving the way for innovation and economic growth in the sector.

In a particularly accurate summary, Shirzad pointed out that the combination of a pro-cryptocurrency president and supportive Congress presents a unique chance for revolutionary advancements in the United States’ cryptocurrency regulations.

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2024-12-04 14:57