Blockchain Association Calls on Trump to Make Cryptocurrency a Priority in First 100 Days
The Blockchain Association has formally called on President-elect Donald Trump and the incoming Congress to place cryptocurrency and blockchain innovation at the forefront of their policy agenda during the administration’s critical first 100 days.
In an open letter, the prominent industry group outlined five key actions designed to position the United States as a global leader in the rapidly evolving digital asset ecosystem. The recommendations focus on addressing regulatory uncertainty, fostering innovation, and creating a supportive environment for blockchain technology to thrive.
The proposed measures emphasize the importance of clear regulatory frameworks to eliminate confusion, protect consumers, and encourage investment in the blockchain and cryptocurrency sector. By tackling these challenges head-on, the Blockchain Association argues, the U.S. can secure its role as a competitive hub for technological advancement while also safeguarding economic opportunities tied to digital assets.
This call to action highlights the need for collaboration between policymakers and industry leaders to navigate the complexities of blockchain technology and ensure its long-term growth and success on both national and global scales.
The Blockchain Association, a leading U.S.-based cryptocurrency advocacy group, has outlined an ambitious plan for President-elect Donald Trump and Congress to prioritize cryptocurrency innovation during the administration’s first 100 days. In its open letter, the organization presented five actionable steps designed to foster a regulatory environment conducive to blockchain growth while safeguarding consumer interests.
Five Key Priorities for Crypto Innovation
The letter emphasizes the importance of a well-balanced approach to cryptocurrency regulation, addressing critical hurdles faced by the industry. The five recommendations include:
1. Developing a Comprehensive Crypto Regulatory Framework
The association urged lawmakers to establish clear guidelines for cryptocurrency markets, including stablecoins, which are pegged to traditional assets like the U.S. dollar. A robust framework would aim to balance consumer protection with fostering innovation, enabling the U.S. to remain competitive in the global blockchain landscape.
2. Ending the Banking Ban on Crypto Companies
Access to banking services remains a persistent challenge for crypto businesses. The Blockchain Association highlighted how losing banking access disrupts essential operations, including payroll, tax payments, and vendor transactions. Lifting this barrier would help stabilize the industry and encourage growth.
3. Reforming the SEC and Overturning SAB 121
The association called for a leadership overhaul at the Securities and Exchange Commission (SEC), citing its current stance as overly restrictive. It also recommended repealing SAB 121, an accounting rule imposing burdensome requirements on crypto-related companies, which hinders their ability to operate effectively.
4. Appointing Crypto-Friendly Leaders to Treasury and IRS
The Blockchain Association stressed the need for new leadership at the Treasury Department and IRS to create fair tax policies for digital assets. This includes revisiting the controversial Broker Rule, which many fear could stifle innovation and drive companies out of the U.S.
5. Establishing a Cryptocurrency Advisory Council
To bridge the gap between policymakers and industry stakeholders, the group proposed forming a Crypto Advisory Council. This body would foster collaboration between Congress, regulators, and the private sector to ensure that regulatory measures support innovation while protecting consumers.
Strengthening Public-Private Collaboration
In its letter, the Blockchain Association expressed its willingness to collaborate with federal agencies and its 100 member organizations to position the U.S. as a global leader in cryptocurrency and blockchain innovation.
“We stand ready to work with you to ensure the United States can regain its position as the crypto capital of the world,” the letter stated.
Trump’s Pro-Crypto Approach Gains Momentum
The timing of this letter coincides with reports of Trump’s intent to create a dedicated White House position focused on cryptocurrency policy, signaling a strong pro-crypto stance. Additionally, SEC Chair Gary Gensler’s recent announcement of his resignation has opened the door for potential regulatory reform aligned with the industry’s needs.
With these proposed measures, the Blockchain Association aims to align federal policies with the rapid advancements in blockchain technology, ensuring the U.S. stays ahead in the global crypto race.
