Faryar Shirzad, Coinbase’s chief policy officer, predicts that the U.S. cryptocurrency industry will soon see rapid regulation following Donald Trump’s presidential election victory. He believes that with Trump’s pro-crypto stance and the Republican Party controlling Congress, new laws will be passed to benefit the 50 million Americans who own cryptocurrencies. Two significant bills are currently in Congress: one establishes a legal framework for digital assets, while the other aims to regulate stablecoins. Although Shirzad is hopeful for progress this year, he anticipates more substantial advancements in 2025. Trump’s election signals a powerful lobbying effect for the crypto sector, hinting at a favorable regulatory future.
Faryar Shirzad, the chief policy officer at Coinbase, recently shared insights during the 2024 Concordia Annual Summit in New York City about the future of cryptocurrency regulation in the U.S. Shirzad believes that once Donald Trump assumes the presidency, swift regulatory action in the cryptocurrency sector is anticipated.
Shirzad mentioned that with the Republican Party now controlling both the House and Senate, the chances for crypto legislation to pass through Congress are promising. He emphasized that this Congress could be the most supportive of cryptocurrency in U.S. history, allowing the voices of the 50 million Americans invested in crypto to be heard.
Currently, two significant pieces of crypto legislation are progressing in Congress. The Financial Innovation and Technology for the 21st Century Act aims to create a legal framework for digital assets and has already passed in the House. Meanwhile, the Clarity for Payment Stablecoins Act seeks to regulate stablecoins, but it has yet to pass.
While Shirzad is hopeful that these laws will advance soon, he believes meaningful progress will likely occur in 2025. He also highlighted the impressive financial backing of the crypto lobby, with significant donations influencing political campaigns, particularly in support of pro-crypto candidates.
As Trump prepares to take office, there is speculation about who he may appoint as the new chair of the Securities and Exchange Commission, as the current chair, Gary Gensler, has been known for strict regulations. This appointment could further shape the regulatory landscape for cryptocurrencies in the upcoming years.
Tags: Cryptocurrency, Coinbase, Donald Trump, Crypto Regulation, Financial Innovation, Stablecoins, U.S. Politics, SEC, Faryar Shirzad
What does it mean for the U.S. to adopt crypto regulation quickly?
It means the U.S. government is creating rules and laws for cryptocurrencies at a fast pace, to ensure safety and security in the digital currency Market.
Why is quick regulation important for cryptocurrencies?
Quick regulation can help protect consumers from scams and fraud, create a safer trading environment, and encourage businesses to invest in blockchain technology.
What are some potential benefits of faster crypto regulations?
Faster regulations can lead to more trust in the crypto Market, attract more investors, and help the U.S. stay competitive in the global financial landscape.
How might quick regulation affect crypto businesses?
It could provide clear guidelines for crypto businesses, making it easier for them to operate legally and responsibly while reducing uncertainty in the Market.
Can quick regulation impact the prices of cryptocurrencies?
Yes, quick regulation can influence investor confidence, which might cause prices to rise or fall depending on how the Market reacts to the new rules.
