The Blockchain Association has sent a letter to President-elect Donald Trump and the new Congress, outlining the key points that the new administration must prioritize if it wants to establish the country as the global leader in the crypto market.
In the letter, the organization advocates for five key priorities that seek to position the United States as a global leader in the cryptocurrency and digital asset market – a vision that Trump has promoted since his election campaign.
The organization highlighted the importance of Establish a clear regulatory framework for cryptocurrencies within the first 100 days of the Trump administration, reflecting the urgency of the crypto sector to have a regulatory environment that fosters innovation and protects consumers from the beginning.
What priorities has the Blockchain Association identified?
One of the highlights in the Blockchain Association's letter is the creation of an appropriate regulatory framework for cryptocurrencies. The organization argues that clear and consistent legislation will make it easier for cryptocurrency companies to operate and protect consumers from potential fraudulent acts. It also noted that this legislation can be a bipartisan effort led by Congress.
Establishing a clear legal framework for the crypto industry is considered essential for ensure sustainable and healthy market development, as the lack of regulation has led many companies in the sector to leave the country and look for jurisdictions that are more friendly to their business models.
On the other hand, the organization has sought to the new US administration appoint a new chairman of the Securities and Exchange Commission (SEC) that understands innovation and is friendly with digital assets and put an end to de-banking which has affected many companies in the sector in the country. In relation to the latter, the organization is calling for consideration that companies and users in the crypto sector have been facing significant barriers when trying to access traditional banking channels, which has hindered their ability to operate efficiently in the country. Therefore, the Blockchain Association urges the Trump administration to correct these discriminatory practices to guarantee equal access to the financial system.
In general, the organization believes that Maintain a collaborative approach between the government and the crypto sector is essential to fostering innovation and protecting consumers. With a more pro-crypto Congress than ever, the letter represents an opportunity for the incoming administration to implement policies that not only benefit the industry, but also strengthen the American economy in an increasingly competitive global context.
Donald Trump's vision: Make America the Crypto Capital of the World
Donald Trump has stated his intention to turn the United States into the world capital of cryptocurrencies. Since the beginning of his campaign, he has talked about the importance of relaxing regulations and attracting investments to the crypto sector. This vision includes proposals such as the creation of a National Strategic Bitcoin Reserve, with which the country will be able to accumulate large amounts of the cryptocurrency to strengthen its leadership position in the global market.
For its part, the Trump administration has also proposed changing tax regulations and eliminating the capital gains tax on crypto assets, which could make these digital assets more attractive to Americans in general. In addition, the new administration has plans to create a cryptocurrency advisory board that includes key players in the sector. This could ensure that the policies implemented in the country are consistent with the development of the industry as a whole. In relation to this, Trump is rumored to be considering create an exclusive White House position for cryptocurrencies and that Chris Giancarlo, former CFTC chairman and known as “Crypto Dad”, is one of the main contenders for this position.
Blockchain Association set to collaborate on US crypto legal framework
In addition to outlining the cryptocurrency priorities that Donald Trump should consider in his new administration, the Blockchain Association has also expressed its willingness to cooperate with the new US government in creating a solid legal framework for these digital assets.
The organization was optimistic about upcoming crypto policies and said it was willing to collaborate with the Trump administration in its vision of positioning the country as a global leader in this sector.
Kristin Smith, the association's executive director, stressed that the president-elect's vision represents a hope that is shared by the entire crypto industry. With the new Congress considered to be the most pro-crypto in US history, Smith believes that There is a real opportunity to implement significant changes in the regulatory environment.
In short, the Blockchain Association’s letter to President-elect Donald Trump and the new Congress seeks to create an opportunity to redefine the regulatory landscape for cryptocurrencies in the United States. Furthermore, the association is committed to working alongside lawmakers and regulators to build a safe and vibrant crypto ecosystem for all.
