Coinbase Executive Predicts Rapid Crypto Legislation Under Trump Administration
Faryar Shirzad, Chief Policy Officer at Coinbase Global Inc (NASDAQ: COIN), stated in an interview with CNBC that he anticipates crypto legislation will pass Congress “fairly quickly” under the Trump administration.
Donald Trump's potential victory in the 2024 presidential elections is expected to positively impact the crypto industry due to his pro-crypto stance.
Coinbase Exec on Republican Influence on Crypto
The Republican party has achieved a governing trifecta, gaining control of the White House, House of Representatives, and Senate. Shirzad predicts this will facilitate smoother approval for crypto regulations.
During an event organized by the UK division of Coinbase-backed advocacy group Stand With Crypto, Shirzad remarked, “We have the most pro-crypto Congress ever [in] history, we have an extraordinarily pro-crypto president coming into office.” He believes this combination will ensure that the interests of the 50 million Americans who own crypto are represented in policy discussions.
Two significant pieces of crypto-related legislation are currently progressing in Congress: the Financial Innovation and Technology for the 21st Century Act, which aims to establish a legal framework for digital assets, has passed the House of Representatives, while the Clarity for Payment Stablecoins Act, which seeks to regulate stablecoin issuers, has not yet passed a House vote. Shirzad remains optimistic about its passage.
Shirzad acknowledged a “small” chance for crypto legislation to be considered during the post-election “lame duck” period but expects “significant movement and hopefully passage” of both market structure and stablecoin legislation next year.
Changes at the United States Securities and Exchange Commission (SEC) may also facilitate progress in crypto regulation, particularly with the impending replacement of current Chairman Gary Gensler.
Potential Successors to SEC's Gary Gensler
Gary Gensler announced plans to leave the SEC on January 20, 2025, coinciding with Trump's inauguration. Trump has previously indicated he would dismiss Gensler upon taking office.
Speculation surrounds potential successors, including Robinhood CLO Dan Gallagher and SEC Commissioner Hester Peirce. Gallagher has since withdrawn from consideration, citing his commitment to Robinhood. Former SEC Commissioner Paul Atkins is emerging as a leading candidate, along with nominees Brad Bondi and former OCC Leader Brian Brooks.