According to reports, Coinbase's Chief Policy Officer Hilliard said that he believes that after Trump takes office, legislation on cryptos will "progress quite rapidly" in Congress. Trump is known for his well-known policy platform supporting cryptos during his campaign. At the time of his statement, two key cryptos-related legislations are advancing in Congress. One is the "21st Century Financial Innovation and Technology Act" initiated by the Republican Party, aiming to establish a legal framework for digital assets. The bill was passed by the House of Representatives earlier this year. The other is the "Clear Stablecoin Payments Act", which aims to establish a regulatory system to license stablecoin issuers - stablecoins are tokens pegged to the value of fiat currencies such as the dollar. The stablecoin bill has not yet been voted on in the House of Representatives.