Coinbase’s policy chief, Faryar Shirzad, believes that the regulatory landscape for cryptocurrency in America is on the brink of significant change with Donald Trump’s return to the presidency. Speaking at an event in the U.K. organized by Stand With Crypto, a group supported by Coinbase, Shirzad expressed optimism about Trump’s support for the crypto industry, labeling him as the most crypto-friendly leader in history. With Republicans now in control of both the House and Senate, Shirzad sees a unique opportunity for crypto bills that have long been stalled to finally gain momentum.
According to Shirzad, the 50 million Americans who currently hold crypto assets may finally have their voices heard in policy-making under the new administration. Two key bills are already on the table that could potentially reshape the regulatory framework for digital assets in the U.S. The Financial Innovation and Technology for the 21st Century Act, which has already passed the House, aims to establish clear regulations for the crypto industry, addressing a pressing need that has been lingering for years. The second bill, the Clarity for Payment Stablecoins Act, focuses on creating a licensing system for stablecoin issuers to provide a more solid foundation for these essential tokens within the broader crypto ecosystem.
The victory of Trump in the recent election has not only been significant for him personally but also for the crypto industry as a whole. Crypto-related political action committees raised a substantial amount of over $245 million during the election cycle, leading to the election of nearly 300 pro-crypto lawmakers. The Stand With Crypto Alliance, initiated by Coinbase, played a crucial role in evaluating candidates based on their stance on crypto, resulting in a Congress that is now more receptive to the industry.
In addition to the political landscape, the imminent departure of Gary Gensler, the current SEC chair known for his strict regulatory approach towards crypto, signals a potential shift in direction under the new administration. While Shirzad did not speculate on who Trump may choose as Gensler’s replacement, he emphasized the importance of selecting a candidate who aligns with the president-elect’s vision for change.
As the crypto industry prepares for a new era under Trump’s presidency, the potential for significant advancements in regulatory clarity and industry support looms on the horizon. With the upcoming changes in leadership and policy, the future looks promising for the millions of Americans involved in the crypto space.