On November 22, 2024, the Blockchain Association, the asset trade group in the United States, sent an open letter to the upcoming president Donald Trump, and members of Congress.
Through the open letter, the association urges the Trump administration to take immediate action to foster a friendlier regulatory environment for the cryptocurrency industry.
The letter highlighted the harsh stance of the “hostile regulatory regime” that forced American innovators to move off-shore. Without naming, the association points its fingers toward the Biden administration and federal agencies like the Security and Exchange Commission.
However, with the new administration in 2025, there is optimism that change is on the horizon.
“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,” stated Blockchain Association CEO Kristin Smith in a letter.
Blockchain Association’s Five Requests
The Blockchain Association writes in a letter, “We’re eager to work with you to ensure that the United States re-establishes itself as the world leader in technological innovation.”
The letter mainly outlines five key areas of interest that can provide support to the domestic digital asset economy.
- Establish a Crypto Regulatory Framework: The association calls for the creation of a clear and purposeful regulatory framework for digital assets. This would include market structure and stablecoin legislation, which could be a bipartisan effort to encourage innovation while ensuring consumer protection.
- End the Debanking of Crypto: The letter highlights that crypto companies and users have been unfairly denied access to traditional banking services, which are essential for business operations.
- Appoint a new SEC Chair and Reverse SAB 121: the letter calls for new chairman at the U.S. Securities and Exchange Commission.
- Appoint a new leadership at the Treasury Department and IRS: The letter also recommends new leadership at the U.S. Treasury Department and the Internal Revenue Service (IRS). It points out that the current tax treatment of digital assets is irregular and that proposed rules, such as the Broker Rule.
- Develop a Crypto Advisory Council: Finally, the Blockchain Association calls for the establishment of a crypto advisory council to work alongside Congress and federal regulatory agencies.
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