(Source: CentBit.Online – Crypto & Blockchain Expert Bangladesh)
The Blockchain Association, representing over 100 crypto organizations, has formally called on President-elect Donald Trump and the new Congress to prioritize cryptocurrency in their first 100 days in office. On November 22, the association submitted a comprehensive plan urging the administration to address long-standing regulatory challenges that have hindered the U.S. crypto industry.
A Five-Point Plan for U.S. Crypto Reform
In its letter, the Blockchain Association proposed a five-point reform plan aimed at revitalizing the crypto sector and positioning the U.S. as a global leader in blockchain innovation:
- Restructure Federal Oversight: Streamline regulatory frameworks to foster innovation and reduce bureaucratic hurdles.
- End Crypto “Debanking” Practices: Ensure crypto companies have access to traditional banking services, enabling smoother operations for tasks like payroll and taxes.
- Revise SEC and Treasury Policies:
- Overhaul the SEC’s enforcement-driven approach, which has stifled industry growth.
- Update stringent accounting guidelines and reform tax policies at the Treasury and IRS to prevent U.S. blockchain businesses from moving offshore.
- Leadership Changes: Push for crypto-friendly leadership at key agencies, including the SEC and the Treasury Department.
- Establish a Crypto Advisory Council: Form a government-industry collaboration council to develop balanced policies that encourage innovation while ensuring robust oversight.
“Regulation by Enforcement” Under Fire
The association criticized the outgoing SEC administration for its aggressive enforcement actions, which they claim cost crypto companies nearly $426 million in legal fees between 2021 and 2023.
- The SEC filed 104 cases against crypto entities during this period, according to the Blockchain Association’s October 31 report.
- The group emphasized that these actions have driven many blockchain innovators to seek opportunities abroad.
Hopes for Trump’s Pro-Crypto Agenda
The association expressed optimism that the incoming Trump administration could reverse years of hostility toward crypto innovation:
- Trump’s key financial appointments, including Treasury Secretary, are expected to influence the pace of reform. Reports suggest Kevin Warsh, a former Federal Reserve Board member, is a strong contender for Treasury leadership and could also replace Jerome Powell as Federal Reserve Chair in 2026.
- The administration is reportedly exploring the creation of a White House cryptocurrency post to centralize and streamline policy development.
Industry Impact and Future Outlook
With over $245 million in contributions from crypto PACs influencing the 2024 elections, the industry is optimistic about a more favorable regulatory environment. The Blockchain Association’s appeal highlights the urgency for reforms that will strengthen the U.S.’s position as a blockchain hub.
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