As the inauguration day approaches, the cryptocurrency industry anticipates significant shifts in U.S. legislative environments under President-elect Donald Trump, who is set to take office on January 20, 2025. The industry, buoyed by the election results, expects these changes amidst a Congress touted as the most crypto-friendly in history.
Faryar Shirzad, the Chief Policy Officer of Coinbase, has expressed optimism for swift legislative progress once Trump is in the White House. In a statement to CNBC, Shirzad highlighted the presence of proactive Congress members and a supportive president as pivotal in advancing regulations that may better serve the 50 million crypto users in America.
Coinbase executives also pointed out the community’s clear demand for a refreshed approach to crypto regulation, reflected in voter support for candidates favoring the industry. A noteworthy victory for the sector was the election of 298 pro-crypto figures across both houses of the legislature.
One legislative proposal gaining particular notice is the Republican-backed Financial Innovation and Technology for the 21st Century Act (FIT21) along with the Clarity for Payment Stablecoins Act of 2023. These acts are seen as vital structures for the evolving market if passed. Although they might not clear Congress in the current lame-duck session, Shirzad anticipates significant movement on these bills in 2025.
Adding to the sense of a new beginning for the sector, Trump’s victory parallels the departure of SEC Chairman Gary Gensler, a noted critic of the cryptocurrency industry. Gensler’s exit is viewed by many as a removal of a significant hurdle for the sector, considering Trump’s previous criticisms and his campaign promises to pursue a more crypto-conducive regulatory framework.
Another point of significant interest is the speculation about who will fill the SEC’s leadership post once Gensler exits. While it remains uncertain, Shirzad mentioned Trump’s knack for selecting allies who align with his vision, suggesting a likely positive outcome for the crypto industry.
As the sector watches these developments closely, Bitcoin’s market performance remains a barometer of investor sentiment and market dynamics. Currently, Bitcoin is trading at a robust $95,272, underscoring the high stakes and high hopes resting on the incoming administration’s policies.
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