Crypto-Friendly Legislators Expected to Drive Policy Changes in Congress
This is a segment from the Forward Guidance newsletter.
Pro-Crypto Political Landscape
Several pro-crypto political candidates won elections recently, prompting discussions on the implications for cryptocurrency regulation. The Republican-led House is currently focused on re-electing Mike Johnson as speaker before addressing crypto-related matters.
Legislation concerning crypto market structure and stablecoins is anticipated to gain traction in the coming months. Representative French Hill appointed Allison Behuniak as the policy director for the House Financial Services Committee’s digital assets subcommittee.
Stand With Crypto reported 298 crypto-friendly legislators in the 119th Congress and hosted a gathering to foster connections among pro-crypto legislators and community members.
Coinbase's chief policy officer Faryar Shirzad attended the event, expressing optimism about the future of crypto policy via social media, predicting significant advancements in 2025.
Shirzad previously stated that the absence of anti-crypto candidates in 2024 indicates a lack of public support for such views. He suggested that scrutiny from the public is essential for maintaining accountability among lawmakers.
Kristin Smith, CEO of Blockchain Association, emphasized that there are no electoral benefits to opposing crypto, reinforcing the importance of industry advocacy.