yolowire.com - Coinbase (NASDAQ:COIN) Global’s (NASDAQ: COIN) top policy executive says he expects the U.S. to regulate the Cryptocurrency industry in the New Year.
Faryar Shirzad, chief policy officer at cryptocurrency exchange Coinbase, says crypto legislation is likely to be quickly passed in Congress once president-elect Donald Trump takes office in January.
Trump’s Republican Party also controls the House of Representatives and the Senate, all but ensuring the smooth passage of new crypto laws, says Shirzad, adding, “We have the most pro-crypto Congress ever in history…”
Shirzad’s comments come as two key pieces of crypto legislation make their way through Congress.
One is the “Financial Innovation and Technology for the 21st Century Act,” which aims to establish a legal framework for digital assets.
The other legislation is the “Clarity for Payment Stablecoins Act,” a bill that seeks to establish a regulatory regime to license issuers of stablecoins, which are tokens pegged to the U.S. dollar.
Trump’s election win is a victory for the cryptocurrency industry, and its lobbyists.
Crypto-related political action committees (PACs) and other groups tied to the industry raised more than $245 million U.S. for the U.S. election that was held on Nov. 5 of this year.
Meanwhile, the Coinbase-backed “Stand With Crypto Alliance” helped to elect nearly 300 pro-crypto lawmakers to the House and Senate.
Last month, U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler announced that he will step down on Jan. 20, the date of Trump’s inauguration.
Gensler had taken an aggressive approach to crypto oversight in his time as SEC chair, launching many lawsuits against crypto firms.
Bitcoin (CRYPTO: BTC), the largest cryptocurrency by market capitalization, is currently trading at $94,000 U.S., having risen 113% this year.
The stock of Coinbase has gained 93% this year to trade at $302.40 U.S. a share.