America

United

The Blockchain Association has made a bold move, presenting President-elect Trump and the new Congress with a<a href="https://theblockchainassociation.org/wp-content/uploads/2024/11/Priorities-for-First-100-Days.pdf" target="_blank" rel="noreferrer noopener"> detailed list of crypto priorities</a> for the administration’s first 100 days. Representing nearly 100 member organizations, the letter reflects the industry’s hope for a fresh start under Trump’s leadership.   
After years of regulatory challenges driving innovators away, could this be the turning point for crypto in America? With five key recommendations on the table, the next steps could be what we've been waiting for.   
<h2 class="wp-block-heading" id="h-the-five-steps-for-friendly-regulatory-environment">The Five Steps For Friendly Regulatory Environment</h2>   
The first priority it noted was to establish a crypto regulatory framework. It noted that the market structure and stablecoin legislation can be a bipartisan effort led by Congress, establishing a fit-for-purpose framework for digital assets that encourages innovation while protecting consumers.   
Secondly, it noted to ‘End the debanking of crypto’. The association criticized the denial of traditional banking services to crypto companies, which has hindered their ability to pay employees, vendors, and taxes. It urged the administration to immediately put a stop to this practice, calling it unfair and damaging to the industry.   
Thirdly, the appointment of a new SEC chair and rolling back the SAB 121, which it termed as ‘the agency’s punitive, anti-crypto accounting guidelines.’ It noted that the crypto industry has been subject to a hostile SEC and its regulation-by-enforcement approach for a prolonged period. Therefore, new leadership at the SEC is critical to ensure a fairer, more transparent, and more effective regulatory environment.   
Its next priority listed is a new leadership at the Treasury Department and IRS. It pointed out that tax treatment of digital assets is irregular and proposed rules, like the Broker Rule, may drive promising companies and projects of the industry offshore entirely. It’s also critical that Treasury creates a welcoming environment for software developers and prioritizes privacy for all Americans.   
The final proposal is the establishment of a public-private crypto advisory council. This council would work closely with Congress and federal regulators to create smart, balanced rules that protect consumers while supporting industry growth.   
<h2 class="wp-block-heading" id="h-america-s-crypto-future-in-safe-hands">America's Crypto Future - In Safe Hands? </h2>   
Kristin Smith, CEO of the Blockchain Association, shared her optimism for the future of crypto under Trump’s administration:   
<blockquote class="wp-block-quote">
  
 “President-elect Trump’s vision to make America the crypto capital of the world is a hope shared by the entire crypto industry – and its founders, developers, and innovators. And it can be realized with President-elect Trump’s arrival to Washington, along with the most pro-crypto Congress in history,” 
</blockquote>   
All eyes are now on Washington to see if these recommendations will be taken up and what changes it will bring.

Trump’s First 100 Days: Blockchain Association Demands Pro-Crypto Action Plan

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