News 
Coin Information 
About us 
Donald Trump's election victory and a historic pro-crypto Congress are set to fast-track key cryptocurrency legislation in the United States. A Coinbase executive predicts rapid advancement of the FIT 21 Crypto Bill and the Clarity for Payment Stablecoins Act, reshaping the nation's digital asset landscape.
Crypto Laws on the Horizon Under Trump’s Leadership
There will be crypto laws "fairly quickly" passed, according to Faryar Shirzad, Coinbase's chief policy officer. Many in the cryptocurrency sector have been waiting with bated breath for the same to clarify US crypto market regulations.
Last month in November, during the US presidential elections, the Republican Party under Donald Trump achieved a historic victory and took control of both houses of Congress.
Such a monumental triumph, in Shirzad's opinion, will facilitate the approval of crypto law even further. Similarly, Coinbase CEO Brian Armstrong hailed Donald Trump's triumph as good news for the cryptocurrency market last month.
FIT 21 Crypto Bill and Stablecoin Act to Shape Regulations
Stand With Crypto, an advocacy group supported by Coinbase, held an event last week in the United Kingdom. Shirzad told CNBC during his speech at the event:
“We have the most pro-crypto Congress ever [in] history, we have an extraordinarily pro-crypto president coming into office. I think the combination should finally allow the 50 million Americans who own crypto to have their interests and voice heard in policy.”
The United States Congress will shortly be presented with two key components of the encryption law. The first is the FIT 21 Crypto Bill, which aims to create a regulatory framework for digital assets and is sponsored by Republicans. This cryptocurrency bill aims to create a regulatory framework for digital assets; it was passed by the House of Representatives earlier this year.
Coinbase’s Role in Advancing Pro-Crypto Policies
The second piece of legislation is the Clarity for Payment Stablecoins Act, which is an effort to lay out the rules for the issuance of digital tokens called stablecoins that are pegged to the value of fiat currencies such as the dollar. A vote in the House is still needed to approve the bill.
In an interview with CNBC (via Coingape), Shirzad maintained his "optimistic" outlook on the bill's eventual passage. Though he acknowledges that crypto laws may not be passed this year, he is optimistic about the prospects for "significant movement and hopefully passage of both market structure legislation and stablecoin legislation" in 2025.
Key measures are being made by cryptocurrency exchange Coinbase following Donald Trump's election. The cryptocurrency market's version of the S&P 500, the COIN50 Index, was unveiled last month.
Crypto Lobbying Efforts Played a Major Role in Elections
Crypto companies' lobbying efforts, notably those of Coinbase and others, were pivotal in determining the 2024 US presidential election. Doland Trump's election campaign received large funds from crypto-related PACs, according to statistics from the Federal Election Commission. The Stand With Crypto Alliance, which Coinbase supports, was also helpful.
Next month on January 20, US SEC Chair Gary Gensler, who is notoriously anti-crypto, will resign. Paul Atkins is the front-runner to replace Robert Mugabe as chair of the SEC, but Donald Trump has not yet appointed him.
Trump’s Appointments Could Reshape Crypto Regulations
While Shirzad acknowledged that he is unable to foretell Trump's choice for SEC chair, he stressed that the incoming president has a proven pattern of appointing people who share his goals.
Comment 0