Coinbase chief policy officer Faryar Shirzad expects a rapid push for comprehensive crypto regulation once President-elect Donald Trump begins his new term, CNBC reported on December 2.
Shirzad expressed confidence that legislative efforts to regulate the crypto industry will move through Congress “fairly quickly” under Trump’s leadership. His optimism comes from the combination of a pro-crypto president and a Congress that, under Republican control, could help speed up the process.
Shirzad added:
“We are having the most pro-crypto conference ever [in] history we have an extremely pro-crypto president coming to power. I think the combination should finally give the 50 million Americans who own crypto the opportunity to have their interests and voices heard in policy.”
Legislative progress
The comments come amid consideration of two major pieces of crypto-related legislation. One of these is the Republican-sponsored Financial Innovation and Technology for the 21st Century Act (FIT 21), which was passed by the House of Representatives earlier this year and aims to create a legal framework for crypto.
The second bill, the Clarity for Payment Stablecoins Act, aims to establish regulatory guidelines for stablecoin issuers. However, a vote in the House of Representatives still needs to take place.
While Shirzad remains hopeful that these bills will gain passage, he acknowledged that the so-called “lame duck” period after the election – before Trump’s inauguration – provides limited time for significant legislative progress. Still, he expects “significant movement” and possibly the approval of the market structure and stablecoin legislation in 2025.
Shirzad also noted the importance of the upcoming departure of U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler, scheduled for January 20, the same day as Trump’s inauguration.
Shirzad remains optimistic that the new administration will appoint an SEC chairman who will join Trump’s crypto-friendly platform, stating:
“I think as long as he picks someone who is a change agent and who shares his vision, it will be good for the US, good for society and good for the people who own crypto.”