Coinbase Chief Policy Officer Faryar Shirzad has said that numerous bipartisan pro-crypto candidates emerged victorious in recent elections, potentially setting the stage for comprehensive cryptocurrency regulations. Shirzad shared his insights in a post on X dated November 6.
"Across the ballot and on both sides of the aisle, crypto won this election," said Shirzad. "With millions of crypto owners casting their ballots, and dozens of high-profile races converging around crypto and financial reform, this new Congress and the incoming Trump Administration understand that the crypto voter is real, energized, and ready to demand change from their elected officials. So now it's time to get to work. We at @coinbase - thanks to our amazing boss @brian_armstrong - will continue to do our part to get sensible legislation across the line, and to restore America's role as a leader in digital asset innovation."
According to Fox Business, over 250 pro-crypto congressional candidates secured their races. The crypto community notably supported businessman Bernie Moreno, who successfully unseated incumbent U.S. Senator Sherrod Brown (D-OH). Other prominent supporters of cryptocurrency, including U.S. Senators Kirsten Gillibrand (D-NY) and Ted Cruz (R-TX), also won reelection.
In October, Moreno expressed at a campaign event his commitment to achieving "regulatory certainty" for the digital asset industry, as reported by Cleveland.com. He addressed misconceptions about the industry's stance on regulation: "Let me just end the myth right here: The crypto industry does not want no regulation. That’s totally false," Moreno said. He further mentioned his support for establishing a strategic Bitcoin reserve, an idea gaining bipartisan traction.
The U.S. Securities and Exchange Commission (SEC) has been criticized for what some describe as a "regulation by enforcement" strategy impacting U.S. innovation in the crypto sector. Former U.S. Senator Pat Toomey highlighted this issue in a September opinion piece, stating that instead of offering clear guidance on applying existing securities laws to the crypto industry, the SEC's approach has hindered development within the United States and pushed entrepreneurs to seek more favorable regulatory environments abroad.
J.W. Verret, a law professor at George Mason University and former member of the SEC's Investor Advisory Committee, remarked to Federal Newswire in July that while the U.S. lags behind in regulating digital assets, other jurisdictions are advancing with more rational frameworks. "I think what the EU, UK, Japan, and Singapore have done are, in their own ways, more rational, more thoughtful than the U.S." Verret said.
Shirzad joined Coinbase in 2021 after serving as Global co-head of Government Affairs for Goldman Sachs and holding positions within the White House National Security Council and as Assistant Secretary for Import Administration at the U.S. Department of Commerce.
