The crypto industry is hoping for a big change with the incoming Trump administration. The Blockchain Association, a group that promotes crypto, has sent a plan to Trump and Congress outlining how to make the US a crypto leader again.
Making Crypto Great Again: The Association’s Key Proposals
The Association’s CEO, Kristin Smith, believes a friendlier regulatory environment is key. For years, she says, US crypto companies have struggled with tough rules, sometimes forcing them to move overseas. Here’s what the Association wants Trump to do in his first 100 days:
Clearer Rules of the Road
- Create a comprehensive regulatory framework for crypto: This means clear rules for things like stablecoins and market structure, protecting consumers while encouraging innovation.
- End the “debanking” of crypto companies: Many crypto businesses are struggling because banks won’t work with them, making it hard to pay employees and taxes. The Association wants this to stop.
New Leadership, New Approach
- New SEC Chair and repeal of SAB 121: The Association wants a new leader at the Securities and Exchange Commission (SEC) and a repeal of a rule (SAB 121) that’s seen as unfair to the crypto industry. They want a fairer, more transparent approach to regulation.
- New leadership at the Treasury and IRS: The current tax rules for crypto are inconsistent, and proposed rules could drive companies out of the US. New leadership is needed to fix this.
Working Together
- Create a crypto advisory council: The Association suggests creating a group of experts from the industry and government to work together on creating smart regulations.
A Brighter Future for Crypto in the US?
Smith believes that by following these steps, the US can become the world’s leading crypto hub. The Association is ready to work with the Trump administration to make this happen.
