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Coinpaprika 2024-12-03 10:39:47

Trump Era Sparks Hope for Crypto-Friendly Laws

With just weeks before Donald Trump takes office as the 47th President of the United States, optimism in the crypto industry is growing. Many believe the new administration will bring friendlier regulations and a more supportive approach to digital assets. Coinbase’s Chief Policy Officer (CPO), Faryar Shirzad, recently stated that legislation related to the crypto sector could pass through Congress “fairly quickly” under the new administration. Shirzad told CNBC that a pro-crypto president and what he called the “most pro-crypto Congress in history” will help move key legislation forward. This shift, he said, will ensure that the voices of over 50 million Americans who own cryptocurrency are finally heard in policymaking. Shirzad expressed optimism about the Financial Innovation and Technology for the 21st Century Act (FIT21) and the Clarity for Payment Stablecoins Act of 2023. While he acknowledged the slim chance of these bills passing during the current lame-duck session, he expects “significant progress” and possible approval of both pieces of legislation in the coming year. These laws aim to provide clarity on market structures and stablecoin regulation, marking a critical step for the industry. January 20, 2025, is shaping up to be a turning point for crypto. Not only will Trump take office, but the crypto community will also see the exit of long-time critic Gary Gensler, the current Chairman of the Securities and Exchange Commission ( SEC ). Gensler has led a strict regulatory crackdown on crypto over the past three years, but his departure signals potential changes for the SEC. Trump, who endorsed crypto during his campaign, has promised to appoint someone aligned with his vision for the industry. Shirzad refrained from speculating on who Trump might pick as the new SEC chair but expressed confidence that the President will choose someone supportive of innovation. “If he selects a change-maker who shares his vision, it will be good for the industry, the U.S., and crypto users,” Shirzad said. The crypto sector is also celebrating its electoral success, with 298 industry-friendly candidates voted into Congress, a majority that advocates for a supportive environment for blockchain and digital assets. Coinbase executives, including CEO Brian Armstrong , have highlighted this as a victory for the industry and a sign that voters want change in how crypto is treated. With pro-crypto legislation on the horizon, the future of the industry looks promising. Supporters believe the incoming administration will bring clarity and growth opportunities, ensuring the U.S. remains a leader in financial innovation. The coming years may redefine the crypto landscape, driven by favorable policies and a renewed focus on innovation.

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