The Blockchain Association, which operates from Washington, D.C., has urged President-elect Donald Trump to pay attention to cryptocurrency and blockchain policy changes. The advocacy group provided its recommendations in a five-point plan released on November 22. Their goal is to make the United States the world’s partner of choice for digital transformation.
Update Crypto Laws
The letter, posted on the association’s website, urges the improvement of the currently ineffective laws that are against the crypto industry’s progress. Blockchain Association expressed their willingness to support the administration’s crypto-focused approach, stating,
We stand prepared to work with the administration to establish the U.S. as a global leader in crypto innovation.
The proposals include a policy approach that seeks to encourage innovation in the market and cushion consumers from its potential effects. The association demanded the end of what it has referred to as the “regulation by enforcement” approach. It also seeks more specific and favorable conditions for the regulatory environment. The second is the call to stop the debanking of cryptocurrency businesses. Some of the crypto companies struggle to get the requisite traditional financial services.
SEC Leadership Shift
The Blockchain Association also wants Trump to remove the Securities and Exchange Commission (SEC) Chair Gary Gensler and dismiss SEC Staff Accounting Bulletin 121. Reportedly, Gensler will resign by 20 January 2025, the same day Trump will be sworn in as president. The Blockchain Association welcomes new leadership to improve coordination when it comes to drafting rules on cryptocurrencies.
Trump’s Crypto Advisory Council: Industry Leaders CompeteThe group also demanded the removal of leadership at the Treasury and the IRS. These changes are intended to bring financial organizations into the fold of those who support cryptocurrencies. However, Trump has picked hedge fund manager Scott Bessent as his Treasury Secretary.
The last of the recommendations is the establishment of a crypto advisory council. This council would work in conjunction with Congress and federal departments to set strategies for the sector. Trump’s team is said to be planning on establishing a White House position on cryptocurrency regulation.
