As a seasoned analyst with over two decades of experience in the financial sector and a keen interest in emerging technologies like blockchain and cryptocurrencies, I find the recent move by the Blockchain Association to outline key priorities for the incoming Trump administration intriguing.
The Blockchain Association has sketched out a plan for the new Donald Trump administration, intending to transform the U.S.’s strategy towards the digital assets sector.
In a comprehensive correspondence addressed to the incoming President and the freshly elected Congress, the trade organization underscored crucial steps that could foster innovation and tackle regulatory obstacles specific to the cryptocurrency industry.
Blockchain Association Outlines 5 Crypto Priorities For Donald Trump
The Blockchain Association underscores the importance of establishing a well-defined and all-encompassing regulatory system for digital assets. They urge President Donald Trump and both parties in Congress to leverage their bipartisan backing to pass legislation on market structure and stablecoin regulation, promoting innovation while shielding consumers from potential harm.
It’s important to establish a transparent legal framework for blockchain technology, so as to eliminate any doubts and demonstrate to the global community that America is leading the way in this innovative field.
The organization advocated for a halt in the practice of debanking cryptocurrency businesses, arguing that this action has hurt companies by preventing them from utilizing traditional financial services. They pointed out that these businesses need banking services to pay salaries, suppliers, and taxes, stating that such denial impedes industry growth.
New Leadership at the US SEC and Treasury
As a researcher, I find that the Blockchain Association has highlighted one key priority: the personnel changes within the Securities and Exchange Commission (SEC) and the Treasury Department. They’ve expressed concern about the current regulatory approach under SEC Chairman Gary Gensler, particularly due to its enforcement-focused nature, which they find problematic.
The Securities and Exchange Commission (SEC) has verified that Gary Gensler will step down on January 20, 2025 – the same day Donald Trump is expected to be sworn in for his second term. In his parting words, Gensler noted his gratitude for having served at the SEC. The Blockchain Association looks forward to the potential change in leadership at the SEC, believing it could bring a more accommodating and collaborative stance on regulations.
At the U.S. Treasury Department, the group advocated for equitable tax handling of digital assets and emphasized the importance of upholding privacy safeguards. Moreover, they urged the government to reconsider the disputed Broker Rule, arguing that it could potentially drive businesses abroad.
Proposal for a Crypto Advisory Council
The Trump administration has suggested creating a Cryptocurrency Consultative Board to help shape digital currency regulations and promote technological advancements. As per the Blockchain Association, this board would foster cooperation between the public and private sectors, making sure that the rules enacted are both feasible and fair.
The suggested council aims to collaborate with federal bodies including the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Treasury Department. Additionally, this council would supervise projects such as establishing a Bitcoin reserve, which Trump’s team imagines as a valuable strategic resource for the American economy.
At the same time, Brad Garlinghouse, CEO of Ripple, expressed enthusiasm about the possible influence of the Trump administration on the cryptocurrency industry. In an interview with Fox Business, he pointed out that the Biden administration has been unfriendly towards this sector, but early indications from the new administration seem to suggest a more welcoming stance.
The Blockchain Association expressed eagerness for cooperation with Donald Trump’s administration and Congress, saying, “We are ready to partner with them in making the U.S. a pioneer in cryptocurrency advancement.
Read More
- FIS PREDICTION. FIS cryptocurrency
- Tips For Running A Gothic Horror Campaign In D&D
- LUNC PREDICTION. LUNC cryptocurrency
- EUR CAD PREDICTION
- Luma Island: All Mountain Offering Crystal Locations
- OSRS: Best Tasks to Block
- DCU: Who is Jason Momoa’s Lobo?
- XRP PREDICTION. XRP cryptocurrency
- How to Claim Entitlements In Freedom Wars Remastered
- Borderlands 4 Will Cut Back on ‘Toilet Humor’ Says Gearbox
2024-11-22 21:08