Blockchain Association Tables 5-Point Crypto Agenda For Trump’s Administration

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As a seasoned analyst with over two decades of experience navigating the ever-evolving financial landscape, I find myself intrigued by the Blockchain Association’s proactive approach to engage with the incoming Trump administration. The proposed five-step plan seems well-thought-out and aligns with my belief in fostering a favorable regulatory environment for innovation.

The Blockchain Association, an organization that champions cryptocurrency, has contacted both President-elect Donald Trump and the newly-elected U.S. Congress with proposals for establishing a supportive regulatory climate for the digital assets sector.

Trump’s Ideal Crypto Priorities For First 100 Days: Blockchain Association

Typically, Trump’s election platform showed robust backing for the crypto sector by proposing a National Bitcoin Reserve and encouraging Bitcoin mining, among other things. On the other hand, the Blockchain Association, made up of 100 member organizations, has proposed five key actions for the incoming administration to swiftly boost support for this emerging industry.

The advocacy group underscores the importance of carrying out these actions during Trump’s initial 100 days in office, with a view to positioning the United States as a leading force in the global cryptocurrency market.

Initially, the Blockchain Association advocates for creating a regulatory structure for cryptocurrencies, which has been a persistent request from various market participants. They propose a balanced framework, crafted through bipartisan legislative efforts, that fosters innovation while ensuring consumer protection.

Additionally, it’s recommended that Donald Trump takes action to stop the denial of banking services for digital assets, as this practice has hindered cryptocurrency businesses, affecting their ability to pay employees and settle taxes effectively.

As a crypto investor, I’m closely following the news about the anticipated change in leadership at the Securities and Exchange Commission, with Gary Gensler announcing his resignation on January 20th. The Blockchain Association, an organization that advocates for digital asset users, is urging for a new appointee who will champion a “fairer, more transparent” regulatory approach. Specifically, they are calling for a reversal of the Commission’s SAB 121 policy, which they believe has been detrimental to our industry. This change in leadership could potentially bring about a more balanced and open regulatory environment that fosters growth and innovation in the crypto space.

In simpler terms, the fourth point in this letter suggests that fresh management should be appointed at both the U.S. Treasury Department and IRS, with the goal of creating suitable tax policies for digital asset businesses. This new leadership aims to overturn unfriendly regulations like the Broker Rule, which may push forward-thinking projects towards other nations.

Remarkably, Trump has chosen to put forward Scott Bessent, a wealthy hedge fund investor who is also an advocate for Bitcoin, as his nominee for the position of Treasury Secretary. This decision could potentially meet the expectations of the Blockchain Association.

Ultimately, the digital asset advocacy organization proposes setting up a Cryptocurrency Advisory Council aimed at partnering with the U.S. Congress and regulatory bodies to develop appropriate regulations for the sector, safeguarding investor interests in the process.

Crypto Market Overview

It’s worth noting that the digital assets sector is on fire, expanding rapidly and now boasting a staggering market value of $3.28 trillion! This impressive growth comes after a 0.5% increase over the past day. Bitcoins are still king in this realm, commanding a whopping 58.7% share. Right now, Bitcoin is just short of breaching the $100,000 threshold, thanks to a consistent price surge that started in early October.

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2024-11-24 01:41