Blockchain Association Urges President Trump and Congress to Strengthen U.S. Crypto Leadership with Key Regulatory Reforms
In the wake of a historic election, the crypto industry is filled with optimism for a more favorable regulatory environment in the United States under new leadership. For years, American innovators in the cryptocurrency sector have faced a hostile regulatory regime that, in some cases, has driven them offshore. However, with the arrival of President Trump and new members of Congress in Washington, D.C., there is hope that this trend can be reversed.
The Blockchain Association, the nation's leading digital asset trade association, is eager to collaborate with the new administration to help the United States re-establish itself as the global leader in technological innovation. To ensure a thriving domestic digital asset economy, the Association has outlined five critical steps that can be taken during the first 100 days of the new leadership.
1. Establish a Crypto Regulatory Framework
A clear and comprehensive regulatory framework for digital assets is essential for the growth of the industry. Congress has the opportunity to take bipartisan action to create market structure and stablecoin legislation that balances consumer protection with fostering innovation. A purposeful framework would provide much-needed clarity and stability for crypto businesses and users alike.
2. End the Debanking of Crypto
The practice of debanking, where crypto companies and their users are denied access to traditional banking services, has been a significant barrier to the industry’s growth. Many crypto businesses are unable to access essential banking infrastructure for paying employees, vendors, and taxes. The Blockchain Association urges the administration to put an immediate end to this practice, ensuring that crypto companies can operate on equal footing with other sectors.
3. Appoint a New SEC Chair and Roll Back SAB 121
The Securities and Exchange Commission (SEC) has long been seen as a roadblock to crypto innovation, using a regulation-by-enforcement approach that has created uncertainty and fear in the industry. A change in leadership at the SEC is essential for creating a more transparent and effective regulatory environment. The Blockchain Association also calls for the rollback of SAB 121, the SEC’s punitive accounting guidelines, which have been detrimental to crypto companies.
4. Appoint New Leadership at the Treasury Department and IRS
The current tax treatment of digital assets remains irregular, and proposed rules, such as the Broker Rule, threaten to push promising companies and projects offshore. New leadership at the Treasury Department and the IRS is needed to establish clear and fair tax regulations for the crypto industry. Furthermore, prioritizing privacy for Americans and creating an environment conducive to innovation for software developers will be crucial for fostering growth.
5. Develop a Crypto Advisory Council
Public-private partnerships are essential for crafting regulations that support the growth of the crypto industry while ensuring consumer protection. The Blockchain Association proposes the creation of a crypto advisory council to work with Congress and federal regulatory agencies. This advisory body would serve as a bridge between industry leaders and lawmakers, ensuring that policy decisions are informed by experts in the field.
The Blockchain Association, which represents nearly 100 member organizations, stands ready to work with President Trump and Congress to help the United States regain its position as the global leader in cryptocurrency and digital asset innovation. The Association believes that with the right regulatory steps, the U.S. can foster a pro-crypto environment that supports job creation, economic growth, and technological leadership.
The time is now for the United States to embrace the future of finance and the internet. By working together, we can ensure that the next era of financial and technological advancement is led by American innovation and the hardworking individuals who are driving this new frontier.