Emily Walker
The Blockchain Association, a crypto advocacy group, has reached out to US President-elect Donald Trump and the newly elected Congress to propose favorable regulations for the digital asset sector.
Blockchain Association’s Recommendations for Trump’s First 100 Days
Trump’s campaign expressed strong support for cryptocurrencies, including plans for a National Bitcoin Reserve and encouragement for Bitcoin mining. The Blockchain Association, representing 100 member organizations, has outlined five key initiatives for the new administration to bolster this emerging industry during its initial 100 days.
These initiatives are crucial for positioning the US as a global leader in the crypto space.
Firstly, the Association is advocating for the creation of a comprehensive regulatory framework, which has been a long-standing request from industry participants. They recommend bi-partisan legislation to promote innovation while safeguarding consumer interests.
Additionally, there is a call for Trump to take action against the debanking of digital assets that limits accessibility to traditional financial services for crypto companies, hindering their ability to pay employees and settle taxes.
The Association has also highlighted the need for a new chairperson for the Securities and Exchange Commission, particularly after Gary Gensler’s announced resignation on January 20. They are advocating for a successor who will adopt a more equitable and transparent regulatory stance, including revising the Commission’s SAB 121 policy.
Furthermore, the letter suggests that new leadership at the Treasury Department and the IRS is necessary to formulate suitable tax policies for digital asset businesses and to eliminate regulations like the Broker Rule that push innovative companies abroad.
Interestingly, Trump has nominated Scott Bessent, a billionaire hedge fund manager and pro-Bitcoin advocate, to serve as Treasury Secretary, likely aligning with the Blockchain Association’s desires.
Finally, the group recommends setting up a crypto advisory council to work alongside Congress and federal regulators in drafting effective regulations that also prioritize investor protection.
Current State of the Crypto Market
In other developments, the digital asset market is thriving, currently valued at $3.28 trillion after a 0.5% increase in the last 24 hours. Bitcoin leads the market with a dominant share of 58.7% and is nearing the $100,000 price mark after a significant rally that started in early October.