In a significant move today, the Blockchain Association, representing nearly 100 member organizations, addressed a letter to President-elect Trump and the incoming Congress. This correspondence highlights crucial cryptocurrency priorities that should be considered within the first 100 days of the new administration. The association expressed optimism that the United States might witness a more supportive regulatory landscape for the crypto industry under Trump’s leadership, following an unprecedented election outcome.
Trump’s Potential to Transform the Adverse Regulatory Environment
For many years, U.S.-based crypto innovators have faced significant challenges, with some even relocating their operations overseas due to an unfriendly regulatory climate. The Blockchain Association believes that President-elect Trump’s tenure in Washington, D.C., could herald a new era for the industry. They have outlined five actionable steps that could bolster the domestic digital asset economy during the administration’s early days.
Five Strategic Steps Towards a Supportive Regulatory Framework
The first critical step is the establishment of a comprehensive crypto regulatory framework. The association emphasized that crafting market structure and stablecoin legislation should be a bipartisan initiative led by Congress. Such a framework would aim to foster innovation while ensuring consumer protection.
Secondly, the association called for an immediate end to the debanking of crypto entities. Many crypto companies and individual users have been unfairly denied access to essential banking services needed to function effectively, including paying employees, vendors, and taxes. This practice, they argue, should cease without delay.
The third step involves the appointment of a new SEC chair and reversing the SAB 121 guidelines, described as ‘the agency’s punitive, anti-crypto accounting rules.’ The crypto sector has long been subjected to a hostile SEC and its regulation-by-enforcement tactics, necessitating fresh leadership to ensure a just, transparent, and efficient regulatory environment.
Reform within the Treasury Department and IRS is the fourth priority. The association highlighted the inconsistent tax treatment of digital assets and pointed out that proposed regulations, such as the Broker Rule, could potentially drive promising companies and projects offshore. It is essential for the Treasury to create a favorable climate for software developers and to prioritize privacy rights for all Americans.
Finally, the creation of a crypto advisory council to collaborate with Congress and federal agencies is recommended. The association stressed the importance of public-private partnerships in establishing intelligent regulations that protect consumers while promoting industry growth.
“President-elect Trump’s vision to position America as the global crypto capital is a shared aspiration within the entire crypto industry, encompassing its founders, developers, and innovators. With President-elect Trump’s arrival in Washington alongside the most pro-crypto Congress in history, this vision can be realized,” stated Blockchain Association CEO Kristin Smith.
