While various politicians have voiced support for crypto, a Coinbase executive is urging the industry to take note of how candidates elaborate on the topic.
While the upcoming presidential election’s outcome is likely to be consequential for the crypto community, it has already been “an extraordinarily successful election year” for the segment, Coinbase Chief Policy Officer Faryar Shirzad said.
“Whatever happens on Election Day will be just additive to the success we’ve already had by putting ourselves on the main political stage,” the executive noted during an interview with Blockworks last week at Permissionless.
Read more: Politics and memecoins drive the conversation on day 2 of Permissionless
Donald Trump “deserves enormous credit for what he’s said on the crypto issues and how comprehensive his vision has been,” Shirzad added. He also offered Harris credit for the efforts she’s made to converse with the crypto community and her seeming intention to be more constructive on the issue.
“There’s reason to feel optimism on both sides,” he explained. “But at the end of the day, more substance and more detail are critical, and we’re hoping to get more from the vice president between now and Election Day.”
The interview with Shirzad came before Harris unveiled on Monday an “opportunity agenda” that includes “supporting a regulatory framework for cryptocurrency and other digital assets so Black men who invest in and own these assets are protected.”
While some praised the initiative, Harris failed to mention blockchain in a speech that night.
Keep reading for more excerpts from Blockworks’ interview with Shirzad.
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Blockworks: How do you feel about the crypto advocacy efforts in recent months and the impact it’s had?
Shirzad: I think as a community we should feel very good about having already a historical election cycle in terms of the number of candidates who’ve spoken up on the crypto issue, who’ve filled out their Stand With Crypto questionnaire [and] who’ve embraced the importance of the US being a leader of digital asset innovation.
We shouldn’t lose sight of how much progress we’ve already made.
Read more: Unpacking survey findings about the ‘crypto voter’
Blockworks: You mention Trump “deserves enormous credit.” Which of his crypto-related comments are most significant in your mind?
Shirzad: I think he said three things that are most important.
One is just declaring that crypto should be built in the United States; I think that is massive. Two, saying that [regulators] shouldn’t engage in abuse of power against an industry.
And then I think the thing that people haven’t paid the most attention to — which I think was the most important thing he said — is that he would protect the right for people to self-custody their crypto.
My interpretation of what he means is that he’s protecting the DeFi ecosystem and the ability of individuals … to control [their wallet] and have all the Fourth Amendment protections and privileges that one should be entitled to. I think that was a huge, huge policy victory and is the kind of thing we hope the Democrats will embrace at some point as well.
Blockworks: On the other side, how have your conversations been with the Harris campaign?
Shirzad: They’ve had a number of outreach sessions — some that they organized and some that allies in Congress or on the outside have organized. I’ve participated in a number of those.
We’ve found the tone to be positive, curious and constructive and eager to hear what we think the issues are and understand it better.
Blockworks: After we have a president-elect, then what (in terms of how it impacts the crypto industry)?
Shirzad: I think with the Trump team, you’ll almost inevitably see some very early statements regarding areas in which the president-elect will want to leave his imprint, regulatorily. I think that will be quite visible.
My guess is it’ll be less visible with the vice president if she gets elected because she’ll be taking over for an administration she’s already a part of and it won’t be as stark of a line-drawing.
But certainly, the appointment of personnel is going to be really a big deal — the people that get picked for key cabinet and agency slots. So we’re preparing for very early action, whether it’s very visible publicly or the kind of dialogue that maybe is done more quietly.
Blockworks: Donald Trump has said he would fire Securities and Exchange Commission Chair Gary Gensler. In such a case, are you advocating for a specific replacement for Gensler?
Shirzad: As a company, we’re not going to speak to any particular appointments.
Obviously, we think [candidates] should be looking out to make sure America’s economic and national security interests are advanced. But ultimately that’s for the president to decide who he or she is going to pick.
Read more: Gensler says DEBT Box case ‘not well handled’ by SEC
Blockworks: What House and Senate races do you have your eye on?
Shirzad: I don’t want to get into any individual races that we’re particularly looking at, but I think generally we’ve been very happy with the degree to which crypto’s become an issue in the campaign and how there are almost no candidates who’ve decided to go to the voters with an anti-crypto message.
Because I don’t think it has any resonance. I think you can fit every anti-crypto voter in the country all in a single bus — maybe even a single minivan.
I think politicians realize that, and I think in the political voting marketplace, crypto’s going to be a winning issue this cycle and then going forward. So I feel very good about being on the right side of history on this.
This interview was edited for brevity and clarity.
A modified version of this article first appeared in the daily Forward Guidance newsletter. Subscribe here so you don’t miss tomorrow’s edition.
