Coinbase Global’s (COIN) top executive expects cryptocurrency legislation to likely come into effect quickly. The cryptocurrency exchange’s Chief Policy Officer, Faryar Shirzad, told CNBC that he believes cryptocurrency legislation will be pushed “fairly quickly” once President-elect Donald Trump assumes office. Additionally, Shirzad pointed out that the Republican Party now controls both the House of Representatives and the Senate, making the process of approving crypto laws even smoother.
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Shirzad told CNBC, “We have the most pro-crypto Congress ever in history, and we have an extraordinarily pro-crypto president coming into office.”
Two Crypto Regulations Are Making Their Way Through Congress
Shirzad’s comments come as two key cryptocurrency legislations are making their way through Congress. One bill is the “Financial Innovation and Technology for the 21st Century Act,” which has already passed the House of Representatives. This legislation aims to establish a comprehensive legal framework for digital assets.
Meanwhile, the other bill, the “Clarity for Payment Stablecoins Act,” seeks to regulate issuers of stablecoins. Stablecoins are tokens pegged to fiat currencies like the dollar. This bill has yet to clear a House vote. However, Shirzad remains “optimistic” that the legislation will be passed and expects “significant movement and hopefully passage of both market structure legislation and stablecoin legislation” in 2025.
The U.S. election this year witnessed the significant lobbying power of the crypto industry. In fact, according to federal election data, crypto-focused political action committees (PACs) raised over $245 million.
Is COIN a Good Stock to Buy?
Analysts remain cautiously optimistic about COIN stock, with a Moderate Buy consensus rating based on nine Buys, seven Holds, and one Sell. Over the past year, COIN has soared by more than 100%, and the average COIN price target of $264.20 implies a downside potential of 10.8% from current levels.
