The Blockchain Association, a nonprofit organization representing crypto and blockchain businesses in the United States, recently sent a letter to president-elect Donald Trump and Congress outlining five priorities for the first 100 days of Trump’s administration. The letter, signed by Blockchain Association CEO Kristin Smith, addressed key issues facing the crypto industry and called for urgent action.
One of the main priorities highlighted in the letter was the need for a change in leadership at the U.S. Securities and Exchange Commission (SEC), the Internal Revenue Service (IRS), and the Treasury Department. While many in the industry have been calling for the replacement of SEC Chairman Gary Gensler, Smith emphasized that a broader overhaul of leadership is necessary to address the inconsistent taxation of digital assets and regulatory challenges facing the industry.
In particular, the letter raised concerns about the recent ‘Broker rule’ introduced by the IRS, which requires brokers to disclose information about crypto transactions. This rule, according to the Blockchain Association, could drive companies offshore and hinder innovation in the sector. Additionally, the letter called for the repeal of the SAB 121 accounting guideline, which requires listed companies to include crypto assets on their balance sheets, labeling it as ‘punitive’ and ‘anti-crypto.’
The letter also emphasized the importance of establishing a ‘fit-for-purpose’ regulatory framework for cryptocurrencies that balances consumer protection with innovation. Smith highlighted the need for greater collaboration between industry stakeholders, regulatory bodies, and Congress to develop smart regulations that support the growth of the industry.
Furthermore, the Blockchain Association called for an end to the practice of denying crypto companies access to traditional banking services, which has hindered their ability to operate effectively. The letter urged Trump to create a crypto advisory council to facilitate dialogue between industry players and regulators, emphasizing the importance of public-private partnerships in shaping effective policies.
Overall, the letter from the Blockchain Association underscores the urgent need for regulatory clarity and support for the crypto industry in the United States. By addressing key issues such as leadership changes, regulatory frameworks, and banking access, the association aims to foster a more favorable environment for innovation and growth in the sector. As Trump prepares to take office, these priorities will be crucial in shaping the future of the crypto industry in the country.