Trump Administration Expected to Advance Pro-Crypto Legislation
As Donald Trump prepares to take office as the 47th President of the United States, optimism in the crypto industry is rising. Many anticipate that his administration will introduce friendlier regulations and a supportive approach to digital assets.
Coinbase’s Chief Policy Officer, Faryar Shirzad, indicated that legislation related to the crypto sector could progress quickly in Congress under the new administration. He remarked that a pro-crypto president and what he termed the “most pro-crypto Congress in history” would facilitate key legislative advancements, ensuring that the voices of over 50 million cryptocurrency holders are considered in policymaking.
Shirzad expressed hope for the Financial Innovation and Technology for the 21st Century Act (FIT21) and the Clarity for Payment Stablecoins Act of 2023. While he noted the slim chance of these bills passing during the current lame-duck session, he anticipates “significant progress” and potential approval of both bills in the following year. These laws aim to clarify market structures and stablecoin regulation, representing a critical advancement for the industry.
January 20, 2025, is expected to be pivotal for crypto, coinciding with Trump's inauguration and the departure of SEC Chairman Gary Gensler, who has enforced strict regulations on cryptocurrencies for three years. Trump's commitment to crypto during his campaign includes appointing an SEC chair aligned with his vision for the industry.
While Shirzad did not speculate on potential SEC candidates, he expressed confidence that Trump would choose someone supportive of innovation. He stated, “If he selects a change-maker who shares his vision, it will be good for the industry, the U.S., and crypto users.”
The crypto sector celebrates electoral success, with 298 industry-friendly candidates elected to Congress, advocating for a supportive environment for blockchain and digital assets. Coinbase executives, including CEO Brian Armstrong, view this outcome as a victory for the industry and indicative of voter demand for changes in crypto regulation.
With pro-crypto legislation anticipated, the future of the industry appears promising. Supporters believe the incoming administration will foster clarity and growth opportunities, positioning the U.S. as a leader in financial innovation. The next few years may reshape the crypto landscape through favorable policies and renewed innovation focus.