Blockchain Association urges Trump to prioritize crypto during first 100 days

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As a seasoned researcher with a background in both technology and finance, I find the recent moves by the Blockchain Association to be both timely and strategic. The crypto industry has been grappling with regulatory challenges for years, and it’s encouraging to see an organization like the Blockchain Association taking a proactive approach to engage with the incoming administration.

The Blockchain Association urges President-elect Donald Trump and the Congress to focus on five crucial steps within the initial 100 days of his term, with the aim of positioning the United States as a world pioneer in the advancement of cryptocurrency technology.

In a publicly-issued document, the trade association proposed certain actions to tackle regulatory issues and boost the local digital currency market.

1/ Today, the Blockchain Association sent a letter to President-elect Trump and the freshly elected Congress, detailing issues relevant to the cryptocurrency sector that they should take into account during their initial 100 days in office.

— Blockchain Association (@BlockchainAssn) November 22, 2024

The Blockchain Association, based in the United States, is an organization that lobbies for the cryptocurrency industry. They are pushing for a regulatory structure for digital currencies. Their main points include lifting restrictions on bank accounts for crypto businesses and suggesting new administrations for the Securities and Exchange Commission (SEC), the Treasury Department, and the Internal Revenue Service (IRS).

As a crypto investor, I’d be thrilled at the prospect of a collaborative cryptocurrency advisory panel. This team could serve as a bridge between Congress, federal regulators, and us in the crypto community, ensuring our collective voices are heard and our shared goals are met.

Five priorities for Trump’s first 100 days

The letter highlighted five steps aimed at fostering a supportive environment for crypto businesses and users:

  1. Creating a Crypto Regulatory FrameworkThe Blockchain Association urged Congress to draft comprehensive legislation for cryptocurrency markets and stablecoins. This framework, it argued, would balance consumer protection with innovation. Stablecoins are digital currencies tied to traditional assets, such as the U.S. dollar, offering price stability for users.
  2. Ending the Debanking of Crypto CompaniesThe group expressed concern over crypto businesses losing access to banking services. These companies rely on traditional banks to handle payroll, taxes, and vendor payments. Without banking access, their operations can be severely disrupted.
  3. Reforming the SEC and Repealing SAB 121The association called for a new SEC chair to replace what it described as a hostile regulatory approach under the current leadership. It also recommended reversing SAB 121, an accounting rule that imposes strict requirements on crypto-related businesses.
  4. Appointing New Treasury and IRS LeadershipTax policies for cryptocurrencies, such as the proposed Broker Rule, have been criticized for potentially stifling innovation and driving companies offshore. The letter urged the administration to appoint leaders who would support privacy and foster a fair tax environment for digital assets.
  5. Establishing a Crypto Advisory CouncilThe letter proposed a council to facilitate collaboration between the industry, Congress, and federal regulators. Public-private partnerships, it said, could create rules that protect consumers while encouraging innovation.

Crypto collaboration

In their correspondence, the Blockchain Association underscored their eagerness to collaborate with the government and over a hundred affiliated organizations, aiming to help the U.S. reclaim its status as a trailblazer in both finance and technological advancement.

In a recent letter, the Blockchain Association expressed their readiness to collaborate with you, aiming to help the U.S. reclaim its status as the global leader in cryptocurrency.

In this correspondence, we find ourselves at a time when Trump is taking a firm stand in favor of digital currencies. Previously in November, it was made public that Trump intends to establish a unique role within the White House specifically dedicated to cryptocurrency and associated regulations.

Today’s letter arrives a day following the announcement by critic of cryptocurrencies, SEC Chairman Gary Gensler, regarding his forthcoming departure from office.

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2024-11-22 19:12