Blockchain Association Proposes Prioritizing Digital Currency in the First 100 Days of the Trump Administration

In the latest development today, the Blockchain Association, on behalf of nearly 100 members, sent a letter to President-elect Trump and the new Congress outlining priorities for cryptocurrencies to be considered in the first 100 days. The letter notes that after the historic election, the cryptocurrency industry is hopeful and optimistic about a more friendly regulatory environment in the United States under Trump's leadership. The potential of Trump in changing the hostile management regime It is noted that, for many years, American cryptocurrency innovators have been targeted and, in some cases, driven overseas by a hostile regulatory regime. The association believes that Trump's presence in Washington, DC, could change that reality. The report has outlined five immediate steps that could be taken to support the domestic digital asset economy in the first 100 days. Five steps to create a friendly legal environment The top priority is recognized as establishing a framework for cryptocurrency management. It is noted that the stable market structure and cryptocurrency laws may be a bipartisan effort led by the National Assembly, establishing a framework suitable for the purpose of digital assets, encouraging innovation while protecting consumers. On Monday, note 'Termination of withdrawal of cryptocurrencies from banks'. Note that because cryptocurrency companies and users have been denied access to important traditional banking services to unfairly pay salaries to employees, suppliers, and taxes, this activity needs to be terminated immediately. On Tuesday, the appointment of a new SEC chairman and the repeal of SAB 121, known as the 'punitive cryptocurrency accounting guidance of the agency'. They noted that the cryptocurrency industry has been subjected to hostility from the SEC and the agency's enforcement approach for a long time. Therefore, new leadership at the SEC is crucial to ensuring a more fair, transparent, and effective regulatory environment. The next priority listed is a new leadership at the Ministry of Finance and the IRS. It indicates that the taxation of digital assets is not normal and proposed regulations, such as the Brokerage Rule, could push promising companies and projects out of the country entirely. Another important thing is that the Ministry of Finance must create an environment that welcomes software developers and prioritizes privacy rights for all Americans. Finally, it proposed the establishment of a cryptocurrency advisory board to work with Congress and federal regulatory agencies. It emphasized that public-private partnerships are crucial to establishing smart rules that benefit the industry while still protecting consumers. "The vision of President-elect Trump to turn the United States into the world's cryptocurrency capital is the shared hope of the entire cryptocurrency industry - and its founders, developers, and innovators. And that can become a reality when President-elect Trump comes to Washington, along with the most cryptocurrency-friendly Congress in history," noted Kristin Smith, CEO of the Blockchain Association.