December 05, 2024
By Our Correspondent
As Donald Trump prepares to assume the role of the 47th President of the United States, there is a growing sense of hope within the cryptocurrency community.
Many stakeholders are confident that the new administration will foster a more accommodating regulatory environment for digital assets.
Faryar Shirzad, Chief Policy Officer at Coinbase, recently indicated that legislation pertinent to the cryptocurrency industry could advance through Congress with relative speed under the forthcoming administration. In an interview with CNBC, Shirzad noted that having a pro-cryptocurrency president, along with what he described as the “most pro-crypto Congress in history,” will facilitate the progression of essential legislation.
He emphasized that this change will ensure that the interests of over 50 million Americans who invest in cryptocurrency are adequately represented in the legislative process. Shirzad conveyed his enthusiasm regarding the Financial Innovation and Technology for the 21st Century Act (FIT21) and the Clarity for Payment Stablecoins Act of 2023. Although he recognized the limited likelihood of these bills being enacted during the current lame-duck session, he anticipates “significant progress” and the potential approval of both legislative measures in the upcoming year. These proposed laws are designed to clarify market structures and regulations surrounding stablecoins, representing a pivotal advancement for the industry.
January 20, 2025, is poised to be a pivotal moment for the cryptocurrency sector. The inauguration of Trump will coincide with the departure of Gary Gensler, the current Chairman of the Securities and Exchange Commission (SEC), who has been a longstanding critic of the industry.
Gensler’s tenure has been marked by rigorous regulatory measures against cryptocurrencies, and his exit may herald significant shifts within the SEC. Trump, who has expressed support for cryptocurrency during his campaign, has indicated his intention to appoint a successor who aligns with his vision for the sector. Shirzad declined to speculate on potential candidates for the new SEC chair but expressed optimism that the President will select an individual who champions innovation.
“If he appoints a transformative leader who shares his vision, it will benefit the industry, the United States, and cryptocurrency users,” Shirzad remarked. The cryptocurrency industry is also celebrating its electoral achievements, with 298 candidates who favor the sector successfully elected to Congress, forming a majority that advocates for a conducive environment for blockchain and digital assets.
Executives from Coinbase, including CEO Brian Armstrong, have characterized this outcome as a significant victory for the industry and an indication that voters are seeking changes in the regulatory approach to cryptocurrency.
With pro-cryptocurrency legislation on the horizon, the outlook for the industry appears optimistic. Advocates believe that the forthcoming administration will provide clarity and foster growth opportunities, ensuring that the United States continues to lead in financial innovation. The next few years may transform the cryptocurrency landscape, propelled by supportive policies and a renewed emphasis on innovation.
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