Franklin

Donald Trump

The Blockchain Association has called on president-elect Donald Trump and Congress to prioritize five key actions during the administration’s first 100 days to establish the U.S. as a global leader in cryptocurrency innovation.&nbsp;
In an open <a href="https://theblockchainassociation.org/wp-content/uploads/2024/11/Priorities-for-First-100-Days.pdf" target="_blank" rel="noopener noreferrer nofollow">letter</a>, the industry group outlined specific measures to address regulatory challenges and support the domestic digital asset economy.
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 1/ Today, Blockchain Association submitted a letter to President-elect Trump and the new Congress outlining priorities impacting the crypto industry to consider in the first 100 days.<a rel="noopener noreferrer nofollow" href="https://t.co/uMa29LYHpr" target="_blank">https://t.co/uMa29LYHpr</a> <a rel="noopener noreferrer nofollow" href="https://t.co/kJbx9l1cqv" target="_blank">pic.twitter.com/kJbx9l1cqv</a>— Blockchain Association (@BlockchainAssn) <a href="https://twitter.com/BlockchainAssn/status/1859947593012572337?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">November 22, 2024</a>
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The Blockchain Association is a U.S.-based <a href="https://crypto.news/blockchain-association-addresses-senator-elizabeth-warrens-crypto-hiring-concerns/" target="_blank" rel="noopener noreferrer nofollow">crypto lobbying group</a> advocating for a regulatory framework for cryptocurrencies. They emphasized lifting the bank account ban on crypto companies and appointing new leadership for the <a href="https://crypto.news/tag/sec/" target="_blank" rel="noopener noreferrer nofollow">SEC</a>, Treasury Department, and IRS.&nbsp;
They also proposed creating a cryptocurrency advisory committee to work with Congress and federal regulators.
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<h2 class="wp-block-heading" id="five-priorities-for-trump-s-first-100-days">Five priorities for Trump’s first 100 days</h2>
The letter highlighted five steps aimed at fostering a supportive environment for crypto businesses and users:
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 <li>Creating a Crypto Regulatory Framework The Blockchain Association urged Congress to draft comprehensive legislation for cryptocurrency markets and stablecoins. This framework, it argued, would balance consumer protection with innovation. Stablecoins <a href="https://crypto.news/tag/stablecoin/" target="_blank" rel="noopener noreferrer nofollow">are digital currencies</a> tied to traditional assets, such as the U.S. dollar, offering price stability for users.</li>
 <li>Ending the Debanking of Crypto Companies The group expressed concern over crypto businesses losing access to banking services. These companies rely on traditional banks to handle payroll, taxes, and vendor payments. Without banking access, their operations can be severely disrupted.</li>
 <li>Reforming the SEC and Repealing SAB 121 The association called for a <a href="https://crypto.news/who-will-be-the-next-sec-chair-trump-elected/" target="_blank" rel="noopener noreferrer nofollow">new SEC chair</a> to replace what it described as a <a rel="noopener noreferrer nofollow" href="https://crypto.news/sec-chair-gary-gensler-criticizes-bitcoin-calls-out-its-role-in-ransomware/">hostile regulatory approach</a> under the current leadership. It also recommended <a href="https://crypto.news/u-s-house-vote-to-overturn-bidens-sab-121-veto-set-for-wednesday/" target="_blank" rel="noopener noreferrer nofollow">reversing SAB 121</a>, an accounting rule that imposes strict requirements on crypto-related businesses.</li>
 <li>Appointing New Treasury and IRS Leadership Tax policies for cryptocurrencies, such as the proposed Broker Rule, have been criticized for potentially stifling innovation and driving companies offshore. The letter urged the administration to appoint leaders who would support privacy and foster a fair tax environment for digital assets.</li>
 <li>Establishing a Crypto Advisory Council The letter proposed a council to facilitate collaboration between the industry, Congress, and federal regulators. Public-private partnerships, it said, could create rules that protect consumers while encouraging innovation.</li>
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<h2 class="wp-block-heading" id="crypto-collaboration">Crypto collaboration</h2>
In their letter, the Blockchain Association emphasized its readiness to work with the administration and 100 member organizations to ensure the U.S. regains its position as a financial and technological innovation leader.
“We stand ready to work with you to ensure the United States can regain its position as the crypto capital of the world,” the Blockchain Association wrote in the letter.
This letter comes as Trump adopts a strong pro-crypto stance. Earlier in November, reports emerged that Trump <a href="https://crypto.news/trump-eyes-former-cftc-chair-giancarlo-for-crypto-czar-role/" target="_blank" rel="noopener noreferrer nofollow">plans to create</a> a White House position solely focused on cryptocurrency and related policies.
This letter also comes a day after crypto-foe and SEC chair Gary Gensler <a href="https://crypto.news/anti-crypto-gary-gensler-to-resign-from-sec-when-trump-takes-office/" target="_blank" rel="noopener noreferrer nofollow">announced</a> his upcoming resignation.&nbsp;
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Blockchain Association urges Trump to prioritize crypto during first 100 days

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