Blockchain Association Calls on Trump to Prioritize Crypto in First 100 Days

The Blockchain Association, a major trade group representing over 100 crypto organizations, has issued a public appeal to President Trump and the newly elected Congress, urging them to prioritize cryptocurrency reforms in the first 100 days of his presidency. The association is seeking a more supportive regulatory framework that would foster innovation and end the debanking practices affecting crypto companies.

The Blockchain Association’s Five-Point Plan

In a letter delivered on November 22, 2024, the Blockchain Association outlined a five-point plan aimed at revamping U.S. oversight of the cryptocurrency industry. The proposal calls for reforms that would encourage growth and innovation in the crypto sector, which has faced significant challenges due to regulatory uncertainty.

Key Points of the Plan:

1. Restructure Federal Oversight: The association seeks a regulatory environment that balances oversight with technological growth, emphasizing the need for clear, forward-looking policies.
2. End Debanking Practices: The Blockchain Association criticized the debanking of crypto companies, which has limited access to traditional banking services. It urged an end to this practice to ensure smoother operations for businesses in the sector.
3. Revise SEC’s Approach: The group called for changes at the Securities and Exchange Commission (SEC), pointing to its enforcement-driven approach under current leadership as stifling innovation. The letter also emphasized the need to revise the SEC’s accounting guidelines.
4. Improve Tax Policies: The association pushed for improvements in tax policies at the Treasury Department and IRS to prevent the offshore migration of blockchain businesses, which has been exacerbated by unfavorable U.S. policies.
5. Create a Crypto Advisory Council: The group proposed establishing a crypto advisory council to facilitate collaboration between Congress, regulatory agencies, and the industry. This would ensure that policies reflect both regulatory concerns and technological advancements.

The Call for Reform Amid SEC Actions

The Blockchain Association’s appeal comes at a time when the SEC has faced significant criticism for its regulatory actions against the crypto sector. The association highlighted that the SEC’s enforcement actions have led to nearly $500 million in legal expenses for crypto companies between 2021 and 2023, with 104 cases filed against the sector during that period.

The association believes that a more favorable regulatory environment under a Trump administration could help reverse the trend of innovation moving offshore due to restrictive U.S. policies.

The Role of Trump’s Administration in Crypto Reform

As President-elect, Donald Trump’s regulatory choices are seen as a potential beacon of hope for the crypto industry. Key positions, such as Treasury Secretary, are expected to play a crucial role in shaping crypto policy. Kevin Warsh, a former Federal Reserve Board member, is rumored to be a strong contender for Treasury Secretary, and could influence the pace of reform.

The Blockchain Association also mentioned that Trump’s team is considering the creation of a White House post dedicated to cryptocurrency, although it remains unclear how quickly these reforms will be implemented.