As a seasoned analyst with a background in both traditional finance and blockchain technology, I find Faryar Shirzad’s optimism about the future of crypto regulation under a potential Trump administration quite compelling. His insights, shared during the Stand With Crypto event, align well with my own observations of the shifting political landscape towards crypto.
Faryar Shirzad, the Head of Policy at Coinbase Global Inc (NASDAQ: COIN), expressed his viewpoint to CNBC. He pointed out that he anticipates cryptocurrency regulations being passed through Congress rather promptly during the Trump presidency.
It’s anticipated that if Donald Trump wins the 2024 U.S. presidency, it could lead to a smoother path for the cryptocurrency sector. This assumption is based on Trump’s strong advocacy for cryptocurrencies in the past.
Coinbase Exec on How Republicans Will Change Crypto
It’s important to mention that, following the recent election, the Republican Party now holds control over both the executive and legislative branches of government.
In addition to occupying the presidency, Republicans also took charge of the House of Representatives and the Senate. According to Shirzad’s prediction, this could lead to a more straightforward process for approving cryptocurrency regulations.
He voiced his opinion during an event organized by the UK division of Coinbase-backed advocacy group Stand With Crypto.
Shirzad stated that we currently possess a Congress more supportive of cryptocurrency than any other in history, and an incoming president who is highly favorable towards it. He believes this alignment could at last enable the voices and concerns of the approximately 50 million American crypto owners to be addressed in policy-making.
Two significant bills related to cryptocurrency have made their way through Congress. The first, known as the Financial Innovation and Technology Act for the 21st Century, was proposed by Republicans. Its purpose is to create a legal structure for digital assets. This act was approved in the House of Representatives at the start of 2024.
The second piece of legislation is the Clarity for Payment Stablecoins Act. This bill aims to establish a regulatory regime to license issuers of stablecoins. Unlike the first bill, the stablecoin bill has not yet passed a House vote, but Shirzad is confident it will.
Simultaneously, the Coinbase executive didn’t overlook the potential that the cryptocurrency regulation might only have a “slight” chance of being discussed during the “lame duck” phase following the election.
As we approach the end of the year, I anticipate that not all the proposed cryptocurrency legislations will be approved by Congress this year. However, I am optimistic about a substantial shift and, hopefully, the approval of both market structure legislation and stablecoin legislation in the coming year.
The shift at the U.S. Securities and Exchange Commission (SEC) could potentially accelerate the development of cryptocurrency regulations. This transformation primarily revolves around the new appointment of the SEC Chairperson.
Who Will Replace SEC’s Gary Gensler?
In November, it was announced that Gary Gensler, who currently serves as the Chair of the U.S. Securities and Exchange Commission, plans to leave the agency on January 20, 2025.
This date holds significance as it marks Trump’s inauguration. Prior to Gensler’s announcement, it was already well-known that Trump had pledged to dismiss him once he assumed office.
As an analyst, I’ve noticed a buzzing speculation suggesting that either Robinhood Chief Legal Officer (CLO), Dan Gallagher, or Securities and Exchange Commission (SEC) Commissioner, Hester Peirce, could potentially step into a new role.
On the other hand, Gallagher has lately expressed a lack of continued involvement, underscoring his unwavering dedication to Robinhood and its vast number of individual investors. Meanwhile, former SEC Commissioner Paul Atkins is showing interest in the role and seems to be the front-runner for the position.
Other nominees include Brad Bondi and former OCC Leader Brian Brooks.
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2024-12-02 13:24