Crypto Roadmap Presented To Trump And Congress By Blockchain Association For Initial 100 Days

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As a seasoned crypto investor with over a decade of experience navigating the volatile digital asset landscape, I am cautiously optimistic about the potential regulatory changes under President-elect Donald Trump’s administration. The proposed steps outlined by the Blockchain Association align closely with my long-held belief that a clear and supportive regulatory framework is essential for fostering innovation and growth in this burgeoning industry.

With Donald Trump set to take office as President on January 20, 2025, there’s a sense of anticipation within the crypto world, as they look forward to what could be a fresh chapter in regulation.

The non-profit group known as the Blockchain Association, which advocates for advancements in blockchain technology and favorable legislation regarding digital assets, has chosen to make its key objectives clear to the new government and Congress directly.

Steps For Supporting Crypto Assets In Trump’s First 100 Days

In a missive written by Kristin Smith, who serves as CEO of the Blockchain Association, the group voiced their aspirations for a more welcoming regulatory environment during Donald Trump’s tenure in office.

Smith pointed out that for quite some time, pioneers in cryptocurrency from the U.S. have encountered substantial difficulties because of a “regulatory landscape unfriendly to innovation,” occasionally causing them to work beyond the nation’s borders.

The chief executive underscored the possibility that Donald Trump’s term in office could alter the current trend and reestablish the United States as a leading force in worldwide technological advancement, with the digital asset sector serving as the cornerstone for this development.

The Blockchain Association proposed a series of essential actions that could boost our nation’s digital asset sector during President Trump’s initial 100 days in office.

Primarily, it’s crucial to set up a thorough regulatory system for cryptocurrencies. Smith proposes a cooperative approach between political parties when drafting laws about the market structure and stablecoins, aiming to foster innovation while safeguarding consumers.

Another pressing issue highlighted in the letter is the need to end the “debanking of cryptocurrency companies.” Smith claims that businesses and users have been “unjustly” denied access to essential banking services, which are “vital” for operational functions such as paying employees and taxes. 

Changes In Treasury And IRS Leadership

The letter also calls for appointing a new chair for the Securities and Exchange Commission (SEC) and repealing SAB 121, the agency’s accounting guidelines that have been viewed as punitive towards the crypto sector. 

Smith contends that fresh management at the SEC is essential for establishing a “more equitable and transparent” regulatory system, shifting focus away from the enforcement-based approach prevalent over the past four years.

Moreover, the Blockchain Association advocates for new leadership in the Treasury Department and IRS, arguing that fresh perspectives are needed to address the inconsistent tax treatment of digital assets. Smith contends that current policies and proposed regulations, like the Broker Rule, may push innovative companies away from the U.S. market.

In summary, the group supports establishing a Crypto Advisory Council to collaborate with Congress and federal regulators on crypto matters. These partnerships between public and private sectors are considered crucial for creating balanced regulations that safeguard consumers yet foster industry expansion.

Wrapping up, Smith emphasized that the Blockchain Association, with over 90 participating organizations, is dedicated to collaborate with Trump’s government. By following these suggestions, she thinks America can once again be recognized as the global leader in cryptocurrency, opening the path for a novel age of financial and technological progress.

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2024-11-23 19:27