The Blockchain Association is urging President-elect Donald Trump and Congress to focus on five critical initiatives in the administration’s first 100 days, aiming to position the U.S. as a frontrunner in cryptocurrency innovation on the global stage.
An industry group has released an open letter detailing targeted measures to tackle regulatory challenges while bolstering the domestic digital asset economy.
The Blockchain Association, a lobbying group based in the United States, is actively pushing for establishing a regulatory framework governing cryptocurrencies. There was a strong emphasis on the need to lift the bank account ban imposed on cryptocurrency companies, alongside calls for new leadership appointments within the SEC, Treasury Department, and IRS.
A proposal has been put forward to establish a cryptocurrency advisory committee aimed at collaborating with Congress and federal regulators.
Five critical priorities for Trump during his initial 100 days in office
The letter outlined five key steps to create a more supportive environment for cryptocurrency businesses and their users.
The establishment of a regulatory framework for cryptocurrency is currently under discussion.
The Blockchain Association has called Congress to create comprehensive legislation addressing cryptocurrency markets and stablecoins. It was argued that the framework aims to balance consumer protection and innovation. Stablecoins represent a category of digital currencies linked to conventional assets, including the U.S. dollar, providing users with a measure of price stability.
Ceasing the Debanking Practices Targeting Cryptocurrency Firms
Concerns have been raised regarding the potential loss of banking services for cryptocurrency businesses. These companies depend on conventional banking institutions to manage payroll, tax obligations, and vendor payments. The absence of banking access can lead to significant disruptions in their operations.
Proposals for reforming the SEC and repealing SAB 121 are currently under discussion.
The association has urged the appointment of a new SEC chair, criticizing the existing leadership for what it characterizes as a confrontational regulatory stance. The recommendation includes a call to reverse SAB 121, an accounting regulation that enforces stringent requirements on businesses involved in cryptocurrency.
New Leadership Appointed for Treasury and IRS
The proposed Broker Rule regarding tax policies for cryptocurrencies has faced criticism, with concerns that it may hinder innovation and push companies to relocate abroad. The letter called on the administration to select leaders committed to upholding privacy and promoting a just tax framework for digital assets.
The formation of a Crypto Advisory Council is underway.
The Blockchain Association is urging President-elect Donald Trump and Congress to focus on five critical initiatives in the administration’s first 100 days, aiming to position the U.S. as a frontrunner in cryptocurrency innovation on the global stage.