Blockchain Association proposes five key crypto policies for Trump’s first 100 days
Five recommendations for Donald Trump
Crypto lobby pushes Trump for SEC reform and banking access for digital asset firms
The Blockchain Association, a lobbying group comprising over 100 member organizations, has sent a letter to Donald Trump outlining key steps the U.S. president could take to support the crypto industry during the first 100 days of his administration.
The letter highlights five measures designed to create a favorable environment for crypto companies and users:
Establishing a сryptocurrency regulatory framework
The Blockchain Association called on Congress to develop comprehensive legislation for cryptocurrency and stablecoin markets. This framework would balance consumer protection with fostering innovation.
Ending banking barriers for crypto companies
The group expressed concern over crypto companies losing access to banking services. These companies rely on traditional banks to process payrolls, taxes, and supplier payments. Without banking access, their operations could be severely disrupted.
Reforming the SEC and repealing SAB 121
The association urged the appointment of a new SEC chair to replace what it described as a hostile regulatory approach under the current leadership. It also recommended repealing the accounting rule SAB 121, which imposes strict requirements on crypto-related businesses.
Appointing new leadership at the Treasury and IRS
The association criticized the current crypto tax policies for stifling innovation and driving crypto companies out of the U.S. It called on the administration to appoint leaders who would create a fair tax environment for digital assets.
Creating a cryptocurrency advisory council
The letter proposed establishing a council to foster collaboration between the industry, Congress, and federal regulators. Such a public-private partnership could help create rules that protect consumers while encouraging innovation.
The Blockchain Association emphasized its readiness to work with the administration and its network of over 100 partner organizations to ensure that the U.S. regains its leadership position in financial and technological innovation.
As we wrote, amid criticism of the U.S. Securities and Exchange Commission's (SEC) aggressive stance towards the crypto industry, the agency has reported enforcement penalties for 2024.
