Originally published on: November 22, 2024
The Blockchain Association, a prominent advocacy group based in Washington DC, recently penned a letter to President-elect Donald Trump urging him to prioritize significant regulatory reforms in the cryptocurrency and blockchain sectors during his initial 100 days in office.
In their concise letter posted on the Association’s website, they outlined a comprehensive five-point plan aimed at reshaping federal oversight in these burgeoning industries to foster growth and innovation.
According to the Blockchain Association, the current regulatory environment has hindered American crypto innovators and even driven some offshore due to unfavorable conditions. Their goal is to revamp the system to create a more supportive landscape for these cutting-edge technologies.
One of the key recommendations in the letter is to establish a regulatory framework tailored to digital assets that fosters innovation while safeguarding consumers. The Association also advocates for ending the practice of penalizing cryptocurrency businesses, appointing a new SEC chair to address anti-crypto policies, and refreshing leadership at the Treasury and IRS.
The ongoing deliberations for vital positions such as Treasury Secretary and IRS Commissioner under Trump’s administration signal a potential shift in policy direction. With Republicans holding sway in both the House and Senate, there might be more receptivity to appointees aligned with the Blockchain Association’s vision.
Moreover, the Association has proposed setting up a crypto advisory council to collaborate with Congress and regulatory bodies, showcasing a commitment to fostering dialogue and cooperation within the industry.
As President-elect Trump charts his course for the first 100 days in office, the crypto community awaits eagerly to witness how these proposed reforms could shape the future of blockchain and digital assets in the United States. Stay tuned for further updates on this evolving narrative.
