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The Association ultimately seeks a swift end to the “regulation by enforcement” era of cryptocurrency oversight in the US.
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Washington, DC-based advocacy group Blockchain Association submitted a letter to Donald Trump on Nov. 22 beseeching the President-elect to prioritize radical cryptocurrency and blockchain regulatory reform during his first 100 days in office.
The brief letter was shared on the Association’s website. It lays out a five-point reformation plan for the incoming Trump administration’s first 100 days.
Blockchain Association’s stated goal is for the republican party to restructure federal oversight in the cryptocurrency and blockchain sectors in order to spur growth in the sector.
“For years, American crypto innovators have been targeted and, in some cases, driven offshore by a hostile regulatory regime,” wrote the Association, adding:
“Your arrival in Washington, D.C., has the potential to change that reality.”
Blockchain Association CEO Kristin Smith weighs in on X.com. Source: Blockchain Association
Crypto reform
The five-point plan outlined in the letter describes a top-down approach to reforming crypto regulation — albeit one that doesn’t address potential congressional gridlock and other mitigating factors that could prevent the new president from enacting broad spectrum change in his first 100 days in office.
Related: Former House speaker warns partisan gridlock could derail Trump’s crypto plans
Firstly, the Association calls for “establishing a fit-for-purpose framework for digital assets that encourages innovation while protecting consumers.” In a related social media post, the group said the Trump administration should end the US government’s policy of “regulation by enforcement.”
The second and third items on the list call for Trump to end the debanking of cryptocurrency businesses and to establish a new Securities and Exchange Commission (SEC) chair who will “roll back SAB 121” — an SEC Staff Accounting Bulletin oft-viewed by industry insiders as anti-crypto.
Next, the group recommends new leadership at both the Treasury and IRS. As Cointelegraph recently reported, Trump was purportedly considering Cantor Fitzgerald CEO Howard Lutnick and Key Square Group founder Scott Bessent for the position of Treasury Secretary.
Lutnick has since been appointed as Secretary of Commerce, pending confirmation.
Trump may now be broadening his search for a new Treasurer. The Washington Post reported on Nov. 22 that Trump was considering former Federal Reserve Board member Kevin Warsh for the position.
Per the report, if tapped, Warsh would serve as Secretary of the Treasury until 2026 when Federal Reserve chair Jerome Powell’s term ends, at which point Warsh would take Powell’s empty seat.
This still leaves the question of who will head the IRS under Trump. The incumbent IRS head, Commissioner of Internal Revenue Daniel Werfel, was appointed to a five-year term in 2023. However, Trump may find Congress amenable to his replacement with Republicans in control of the House and Senate.
Finally, the Association calls for the establishment of “a crypto advisory council to work with Congress and federal regulatory agencies.”
As Cointelegraph recently reported, Trump’s team is already holding internal deliberations on the formation of an official White House post dedicated strictly to cryptocurrency regulation.
Magazine: Crypto has 4 years to grow so big ‘no one can shut it down’: Kain Warwick, Infinex
This article first appeared at Cointelegraph.com News
