Cryptocurrency 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 Cryptocurrency Priorities for the First 100 Days: Blockchain Association
Overall, Trump’s election manifesto included strong support for the cryptocurrency space by creating a national Bitcoin reserve, encouraging Bitcoin mining, etc. However, the Blockchain Association, which consists of 100 member organizations, has I identified five steps For the incoming administration to provide immediate support to this emerging industry.
The advocacy group stresses that these steps will be implemented in Trump’s first 100 days in office as part of a larger effort to help the United States emerge as the cryptocurrency capital of the world.
First, the Blockchain Association seeks to create a regulatory framework for cryptocurrencies, which is a long-standing demand of many market stakeholders. The organization advises a fit-for-purpose framework shaped by bipartisan legislation to facilitate innovation and protect the interests of consumers.
Furthermore, Donald Trump is being urged to actively end digital asset divestments, which have deprived cryptocurrency companies of access to traditional banking services, stifling operations in terms of employee compensation and tax reconciliation.
The Blockchain Association also comments on the call for a new SEC chair, which is now widely expected following Gary Gensler’s resignation announcement on January 20. The crypto advocacy group is pushing for a new appointment that would deliver a “fairer and more just” system. A transparent regulatory approach that includes reversing SAB 121 policy.
The fourth point raised in this advocacy letter calls for new leadership at the US Treasury and Internal Revenue Service (IRS), which will formulate appropriate tax policies for digital asset companies, and eliminate proposed regulations such as the broker rule that drive cryptocurrency migration. Innovative projects for other countries.
Interestingly, Trump has now done so nominated Billionaire hedge fund investor and pro-bitcoin candidate Scott Besent is the next Secretary of the Treasury, which could certainly satisfy the demand of the Blockchain Association.
Finally, the digital asset advocacy group is calling for the creation of a cryptocurrency advisory council that would collaborate with the US Congress and federal regulators to create appropriate “smart rules” for the industry while ensuring investor protection.
Crypto market overview
In other news, the digital asset industry continues to grow at an impressive pace with its market capitalization reaching $3.28 trillion after a 0.5% increase over the past 24 hours. Bitcoin remains the market leader with a 58.7% share. The major cryptocurrency is currently just shy of reaching the $100,000 price after weeks of sustained price increases starting in early October.
Featured image from Forbes, chart from Tradingview