LONDON — Coinbase’s Top Policy Executive Expects Rapid Regulation of Cryptocurrency Industry Under Trump Administration
Coinbase’s chief policy officer, Faryar Shirzad, expects the United States to rapidly regulate the cryptocurrency industry once Donald Trump becomes president. Shirzad believes that crypto legislation will make its way through Congress “fairly quickly” after Trump’s inauguration, citing the Republican Party’s control of both the House of Representatives and the Senate.
Shirzad notes that the combination of a pro-crypto president and a pro-crypto Congress presents a unique opportunity for the industry, saying, “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.”
Two key pieces of crypto-related legislation are currently making their way through Congress. The Financial Innovation and Technology for the 21st Century Act aims to establish a legal framework for digital assets, while the Clarity for Payment Stablecoins Act seeks to establish a regulatory regime to license issuers of stablecoins. Shirzad is optimistic about the passage of the legislation, but notes that there is only a “small” chance it will be considered in the so-called “lame duck” post-election period.
Even if Congress does not pass the legislation this year, Shirzad expects “significant movement and hopefully passage of both market structure legislation and stablecoin legislation” in 2025. The Coinbase-backed Stand With Crypto Alliance has developed a grading system to determine how for or against crypto House and Senate candidates were, with almost 300 pro-crypto lawmakers set to take seats in the House and Senate.