The United States could see rapid progress in cryptocurrency regulation under President-elect Donald Trump, according to Faryar Shirzad, Coinbase’s Chief Policy Officer. Shirzad expressed optimism about crypto-friendly legislation advancing quickly once Trump takes office in January, supported by a Republican-controlled Congress.
Pro-Crypto Momentum in Washington
Shirzad highlighted Trump’s strong pro-crypto stance and the GOP’s majority in both the House of Representatives and the Senate as pivotal for advancing legislation.
“We have the most pro-crypto Congress ever [in] history, and we have an extraordinarily pro-crypto president coming into office,” Shirzad said at a U.K. event hosted by the Coinbase-backed advocacy group Stand With Crypto.
With over 50 million Americans owning cryptocurrencies, Shirzad believes the alignment of pro-crypto leadership will ensure their voices are finally heard in policymaking.
Key Crypto Bills Awaiting Approval
Two critical bills are currently under consideration:
- Financial Innovation and Technology for the 21st Century Act: A Republican-backed bill that aims to create a comprehensive legal framework for digital assets. This bill has already passed the House of Representatives.
- Clarity for Payment Stablecoins Act: Focused on licensing stablecoin issuers, this bill has yet to receive a House vote.
While Shirzad acknowledged the slim chances of passing these bills during the post-election “lame duck” session, he anticipates substantial progress in 2025.
Crypto Lobbying Gains Momentum
Trump’s victory also underscores the growing influence of the cryptocurrency industry. Crypto-related political action committees (PACs) and advocacy groups raised over $245 million, according to Federal Election Commission data. The Stand With Crypto Alliance, supported by Coinbase, created a grading system to evaluate candidates’ crypto stances, helping secure nearly 300 pro-crypto lawmakers in Congress.
What’s Next for the SEC?
SEC Chair Gary Gensler, known for his tough stance on crypto regulation, announced plans to step down on January 20, the day of Trump’s inauguration. Trump has promised to appoint an SEC chair aligned with his pro-crypto vision.
Shirzad expressed confidence that Trump’s pick would drive a significant shift in crypto policy:
“As long as he picks somebody who’s a change agent and who shares his vision, it’ll be good for the U.S., good for society, and good for the people that own crypto.”
Looking Ahead
With a pro-crypto administration and Congress, the U.S. cryptocurrency industry could see significant regulatory clarity and growth in the coming years, positioning the nation as a leader in digital asset innovation.
