- The Blockchain Association outlines five key steps for the Trump administration to drive crypto innovation and ensure regulatory clarity.
- Trump’s proposed crypto policies, including a regulatory framework and a crypto czar, aim to streamline oversight and boost institutional adoption.
As the United States prepares to enter a new chapter under President Donald Trump, the cryptocurrency sector is cautiously optimistic. For years, the industry has faced a difficult regulatory environment that has pushed many inventors to relocate.
Highlighting the value of the first 100 days in office, the Blockchain Association laid out a clear path to promote a more favorable climate for digital assets in a letter to the president and Congress as the Trump administration takes the reins. Kristin Smith, CEO of the Blockchain Association, said:
“President-elect Trump’s vision of making America the crypto capital of the world is a hope shared by the entire crypto industry – as well as its founders, developers and innovators. And this can be achieved with the arrival of President-elect Trump in Washington, as well as the most pro-crypto Congress in history.”
Proposals to Restore U.S. Leadership in Global Crypto Innovation
Representing more than 100 members, the Blockchain Association proposed five key actions to ensure the United States regains its leadership in technological innovation globally.
The group highlights the urgency of a comprehensive crypto legislative framework and calls on Congress to launch bipartisan initiatives that promote innovation while protecting consumers.
The letter also calls for an end to discriminatory banking policies against crypto companies, which have hampered their ability to pay taxes, staff and suppliers, thereby hindering the development of this newly formed sector.
The leadership of the Securities and Exchange Commission (SEC) presents yet another pressing concern. The group strongly advises selecting a new SECOND leading and reversing the controversial SAB 121 accounting rules, which have been seen as punitive to the crypto industry.
This matches the latest reports of the planned resignation of Gary Gensler, chairman of the Securities and Exchange Commission, in January 2025. Through enforcement activities, the Gensler-led government has recovered $2.7 billion for investors wronged during his mandate.
But its strategy of regulation through enforcement has drawn criticism because it leaves many in the industry disappointed by the lack of openness and clarity.
Addressing tax policies and public-private collaboration
Focusing on unusual tax treatments and policies such as the proposed broker rule, which could lead to beneficial overseas projects, the letter also highlights the need for new leadership within the Department of Commerce. Treasury and IRS. Long a point of contention for crypto pioneers, differences over tax policy are causing unnecessary difficulties for companies trading in an already volatile industry.
The group advises emphasizing the privacy of all Americans and establishing a friendly environment for software developers. Finally, the Blockchain Association suggests creating a crypto advisory council to support public-private cooperation, which it sees as essential to developing sensible rules.
These suggestions coincide with a period when Trump’s policies are already causing controversy. reportedRenowned financial analyst Kevin Khang has warned that such policies could cause inflation, thereby influencing labor markets and possibly increasing the crypto sector’s operating expenses.
Rising inflation could lead to additional expenses for companies in the blockchain sector, making it harder for startups to secure investment or compete.
On the other hand, according to CNFTrump’s suggestion to appoint a “crypto czar” would provide much-needed regulatory clarity. This action is expected to contribute to the institutional adoption of digital assets and simplify the scattered regulatory environment that suppresses development.
