Emily Walker
As President-elect Donald Trump gets ready to take office on January 20, 2025, the cryptocurrency sector is hopeful for a shift towards more favorable regulations.
The Blockchain Association, a nonprofit dedicated to enhancing innovation and creating a positive policy environment for digital assets, has proactively shared its key priorities with the new administration and Congress.
Initiatives for Crypto Support During Trump’s Initial 100 Days
In a letter authored by Kristin Smith, CEO of the Blockchain Association, the organization expressed optimism for a regulatory environment that is more conducive to growth under Trump’s administration.
Smith pointed out that American innovators in the cryptocurrency space have long grappled with a “hostile regulatory environment,” which has occasionally forced them to relocate overseas.
The CEO underscored that Trump’s presidency could reverse this trend, revitalizing the US’s role as a leader in technological innovation, with the digital asset sector playing a central role in this advancement.
The Blockchain Association proposed several vital actions during Trump’s first 100 days that could bolster the domestic digital asset industry.
The foremost recommendation is to create a thorough regulatory framework for cryptocurrencies. Smith encourages bipartisan collaboration on legislation regarding market structure and stablecoins, aiming to stimulate innovation while ensuring consumer protections.
Another urgent concern mentioned in the correspondence is the need to put an end to the “debanking of cryptocurrency enterprises.” Smith argues that many businesses and individuals have been “unjustly” cut off from necessary banking services, which are essential for activities like payroll and tax payments.
Leadership Changes in Treasury and IRS
The letter also advocates for appointing a new chairperson for the Securities and Exchange Commission (SEC) and rolling back SAB 121, its accounting guidelines that have been regarded as detrimental to the crypto industry.
Smith insists that fresh leadership at the SEC is critical for establishing a “fairer and more transparent” regulatory framework, moving away from the previous strict enforcement stance.
Furthermore, the Blockchain Association calls for new leadership in the Treasury Department and the Internal Revenue Service (IRS). Smith believes that the existing tax treatment of digital assets is “inconsistent,” and regulations, such as the Broker Rule, could push promising companies to relocate from the US.
Ultimately, the organization encourages the creation of a crypto advisory council to collaborate with Congress and federal regulatory bodies. These public-private partnerships are essential for formulating “smart regulations” that protect consumers and foster industry growth.
In conclusion, Smith reiterated the dedication of the Blockchain Association and its nearly 100 member organizations to collaborate with Trump’s administration. By following these recommendations, she believes the United States can reclaim its position as the leading hub for cryptocurrency, setting the stage for a new chapter of financial and technological progress.
Featured image from DALL-E, chart from TradingView.com