The Blockchain Association has urged President-elect Donald Trump to take immediate steps to strengthen the US crypto industry within his first 100 days in office, according to a report. letter sent on November 22
The association’s proposals include establishing a comprehensive regulatory framework for digital assets, ending discriminatory banking practices against crypto companies, and appointing new leaders to key federal agencies, including the Securities and Exchange Commission (SEC) and the Treasury Department.
The group, representing over 100 companies in the crypto industry, added:
“We stand ready to work with you to ensure the United States can regain its position as the crypto capital of the world.”
Five point letter
The Blockchain Association has highlighted the importance of bipartisan legislation to set clear rules for market structure and stablecoins. He argued that a fit-for-purpose framework is essential to foster innovation while protecting consumers.
Additionally, the association added via an .
The letter highlighted the widespread problem of “unbanking,” where banks deny crypto companies access to essential traditional services for payroll, vendor payments, and taxes. This practice has stifled the growth of legitimate businesses and hampered U.S. competitiveness.
For example, Coinbase discovered in early November that the Federal Deposit Insurance Corporation (FDIC) was advising banks to limit their banking services to crypto companies.
Additionally, the crackdown on crypto companies stemming from Operation Chokepoint, the title given to the set of actions against the blockchain industry under President Joe Biden’s administration, also includes enforcement measures. against crypto-friendly banks.
The association called for an immediate end to this discrimination, to allow the sector to prosper on an equal footing. He also called for an end to the current “regulation by enforcement” approach, which has created uncertainty and discouraged innovation.
Specifically, he called for the reversal of SAB 121, an accounting directive seen as punitive for crypto companies, and demanded a more transparent and innovation-driven regulatory environment.
He also called for the appointment of a new SEC chairman to replace Gary Gensler, who announced that he leave your role on January 20. Trump has not yet named a replacement and sSome candidates have reportedly refused to accept this position in recent days.
The association also sought clarification on crypto taxes, calling for a reset of Treasury and IRS policies on digital assets, particularly the broker-dealer rule.
He warned that excessive tax proposals could drive promising businesses overseas. Additionally, the group emphasized the need to support developers and protect the privacy of American citizens in an evolving digital economy.
Finally, the Blockchain Association proposed creating a public-private advisory council to ensure balanced and effective policymaking. This body would work with Congress and regulatory agencies to develop pragmatic and responsive regulations that would benefit industry and consumers.
Leadership in danger
The letter presents these priorities as key to reversing what it describes as years of hostile regulation that have driven innovation overseas. By tackling these issues, the Trump administration could demonstrate a clear commitment to making the United States a global leader in blockchain technology.
As other countries work to attract blockchain innovation with crypto-friendly policies, the United States risks falling behind without decisive action.
The Blockchain Association urged Trump to seize the opportunity to establish a leadership position and ensure that the next era of financial and internet innovation is built in America.
With these five priorities at the forefront, the Blockchain Association envisions a regulatory reset that balances innovation and consumer protection, helping the United States regain its status as a global hub for crypto and digital assets.
