Financial Union News December 2nd (Editor Liu Rui) According to Coinbase's senior policy director, it is expected that after Trump officially takes office in January next year, the US Congress will quickly pass regulatory legislation on the cryptos industry.

The US Congress will swiftly pass crypto legislation.

Recently, Coinbase's Chief Policy Officer Faryar Shirzad stated that after Trump officially takes office as President, the US Congress will "quite quickly" pass crypto legislation.

He mentioned that Trump has already explicitly supported cryptos, and at the same time, the Republicans have gained control of both the House of Representatives and the Senate, which should make the process of approving crypto laws smoother.

"We have the most crypto-friendly Congress in history, and we will also have a very pro-crypto President taking office soon," Shirzad said. "I believe this combination should ultimately allow the 50 million Americans who own cryptos to express their interests and voices in policy."

At the time of his statement, the US Congress is considering two key legislations related to cryptos.

One of them is the Republican-led '21st Century Financial Innovation and Technology Act'. The bill aims to establish a legal framework for digital assets. Earlier this year, the bill had already passed in the House of Representatives.

Another one is the "Clarity of Stablecoin Act", which aims to establish a regulatory framework to provide licenses to issuers of stablecoins (tokens pegged to the value of the US dollar or other fiat currencies). Currently, the bill has not been voted on by the House.

Hillzard expressed optimism about the passage of the above legislation. However, he also mentioned that the likelihood of considering cryptocurrency legislation was "very low" during the period before Trump took office, when Biden served as the so-called "lame duck" president.

However, he expects that even if Congress does not give the green light to cryptocurrency laws this year, by 2025, both pieces of legislation mentioned above are expected to make significant progress and have a chance of being passed.

Who will be the next SEC chairman?

Last month, Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), announced that he would resign on January 20, the day Trump takes office - which can be considered good news for the "coin circle" as Gensler is a well-known cryptocurrency skeptic who has always advocated for strict regulation of the cryptocurrency industry.

Trump has long promised to replace Gensler once in office. Although Hillzard cannot predict who Trump will choose to be the chairman of the Securities and Exchange Commission, he stated that Trump is "very good at selecting people who share his vision."

He added, "I believe that as long as he (Trump) selects a change agent, someone who shares his vision, I think it will be beneficial for the United States, society, and those who have cryptocurrencies."

Editor / jayden