The upcoming second term of President Trump is expected to bring about a significant boom for the crypto industry, according to the top policy executive at the US-based crypto exchange with the highest trading volume, Coinbase.
Faryar Shirzad, the top policy executive at Coinbase, recently expressed his optimism about the future of crypto under Trump’s leadership. He believes that the US will swiftly begin enacting crypto regulations under the new administration. Speaking at a Stand with Crypto event in the UK, Shirzad highlighted the potential for pro-crypto measures to be approved by the Republican-controlled congress.
“We have the most pro-crypto Congress ever in history, we have an extraordinarily pro-crypto president coming into office. I think the combination should finally allow the 50 million Americans who own crypto to have their interests and voice heard in policy,” Shirzad told CNBC.
Currently, Congress is considering two major pieces of crypto-related regulations – the Financial Innovation and Technology for the 21st Century Act and the Clarity for Payment Stablecoins Act. Shirzad is confident that the Republican congress will swiftly pass both acts, paving the way for further growth and development in the crypto industry.
In the recent US Presidential election, Crypto Political Action Committees (PACs) raised over $245 million, indicating the increasing influence and support for the crypto industry in the political sphere. However, there are still challenges ahead, as Coinbase CEO Brian Armstrong pointed out last week.
Armstrong criticized Massachusetts Senator Elizabeth Warren and U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler for their attempts to undermine the crypto industry. He believes that their actions were a significant factor in the Democrats losing the election and has called for the party to distance themselves from Warren if they want to rebuild and regain support.
As the crypto industry continues to navigate the evolving regulatory landscape, stakeholders are closely monitoring the political developments and advocating for policies that promote innovation and growth. With a pro-crypto Congress and President, the future looks promising for the 50 million Americans who are invested in crypto assets.
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[Featured Image: Shutterstock/Liu zishan]