Crypto advocacy group Blockchain Association has reached out to US President-elect Donald Trump and the newly elected US Congress on ways to create a favorable regulatory environment for the digital asset industry.
Trump’s Ideal Crypto Priorities For First 100 Days: Blockchain Association
Generally, Trump’s electoral manifesto included strong support for the crypto space by creating a National Bitcoin Reserve, promoting Bitcoin mining, etc. However, the Blockchain Association, which consists of 100 member organizations, has outlined five steps for the incoming administration to provide immediate support for the nascent industry.
The advocacy group emphasizes that these steps be implemented in Trump’s first 100 days in office as part of larger efforts to help the US emerge as the crypto capital of the world.
Firstly, the Blockchain Association pushes for the establishment of a crypto regulatory framework, a long-standing demand of several market stakeholders. The organization advises a fit-for-purpose framework formed by bi-partisan legislation to facilitate innovation and protect consumers’ interests.
Furthermore, Donald Trump is urged to actively end the debanking of digital assets which has denied crypto companies access to traditional banking services stifling operations in terms of employee compensation and tax settlement.
Blockchain Association also comments on the call for a new chairman of the Securities and Exchange Commission, which is now widely expected following Gary Gensler’s announcement to resign on January 20. The cryptocurrency support group pushes for a new appointment that will introduce a “fairer, more transparent” regulatory approach that includes the reversal of the Commission’s SAB 121 policy.
The fourth point raised in this advocacy letter calls for new leadership at the US Treasury Department and Internal Revenue Service (IRS), which will draft appropriate tax policies for digital asset companies, and abolish proposed regulations such as the Broker Rule that drive the migration of innovative projects to other countries.
Interestingly, Trump has now nominated billionaire hedge fund investor and pro-Bitcoin candidate Scott Bessent as the next Treasury Secretary which may certainly satisfy the request of the Blockchain Association.
Finally, the digital asset advocacy group calls for the establishment of a crypto advisory council that will collaborate with the US Congress and federal regulators to create “smart rules” suitable to the industry while ensuring investors’ protection.
Crypto Market Overview
In other news, the digital asset industry continues to grow at an impressive pace reaching a market cap of $3.28 trillion following a 0.5% gain in the past 24 hours. Bitcoin remains the market leader with a dominance of 58.7%. The premier cryptocurrency is currently shy of hitting a $100,000 price mark following weeks of sustained price rally starting from early October.
Featured image from Forbes, chart from Tradingview
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