As President-elect Donald Trump prepares to assume office on January 20, 2025, the cryptocurrency industry is optimistic for a new regulatory era.
The Blockchain Association, a nonprofit organization focused on promoting innovation and fostering a supportive policy environment for digital assets, has taken the initiative to communicate its priorities directly to the incoming administration and Congress.
Steps For Supporting Crypto Assets In Trump’s First 100 Days
In a letter penned by Kristin Smith, CEO of the Blockchain Association, the organization expressed its hope for a friendlier regulatory landscape under Trump’s leadership.
Smith noted that for years, American crypto innovators have faced significant challenges due to a “hostile regulatory environment,” which has sometimes pushed them to operate outside the country.
The CEO emphasized that Donald Trump’s presidency has the potential to change this trajectory and restore the US position as a global leader in technological innovation, with the digital asset ecosystem at the heart of this growth.
The Blockchain Association outlined several critical steps that can be taken during Trump’s first 100 days to support the domestic digital asset economy.
First and foremost, a comprehensive regulatory framework for cryptocurrencies must be established. Smith advocates for a bipartisan approach to legislation surrounding market structure and stablecoins, encouraging innovation and ensuring consumer protections.
Another pressing issue highlighted in the letter is the need to end the “debanking of cryptocurrency companies.” Smith claims that businesses and users have been “unjustly” denied access to essential banking services, which are “vital” for operational functions such as paying employees and taxes.
Changes In Treasury And IRS Leadership
The letter also calls for appointing a new chair for the Securities and Exchange Commission (SEC) and repealing SAB 121, the agency’s accounting guidelines that have been viewed as punitive towards the crypto sector.
Smith argues that new leadership at the SEC is crucial for creating a “fairer and more transparent” regulatory framework that moves away from a regulation-by-enforcement approach characterized in the past four years.
Additionally, the Blockchain Association urges the appointment of fresh leadership within the Treasury Department and the Internal Revenue Service (IRS). Smith argues that the current tax treatment of digital assets has been “inconsistent,” and proposed regulations, such as the Broker Rule, could drive promising companies out of the US.
Finally, the organization advocates for developing a crypto advisory council that would work collaboratively with Congress and federal regulatory agencies. Such public-private partnerships are viewed as essential for crafting “smart regulations” that protect consumers while supporting industry growth.
In closing, Smith reaffirmed the commitment of the Blockchain Association and its nearly 100 member organizations to work alongside Trump’s administration. By implementing these recommendations, she believes the United States can regain its status as the crypto capital of the world, paving the way for a new era of financial and technological advancement.
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