Blockchain Association Calls on Trump to Prioritize Crypto in First 100 Days

Blockchain Trump

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Hassan Shittu

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Hassan Shittu

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Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...

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November 21, 2024

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The Blockchain Association, a leading trade group representing over 100 crypto organizations, publicly appealed to President Trump and the newly elected Congress on November 22.

The association advocates for effective regulatory reforms to support the cryptocurrency industry. After years of challenges, they hope for a friendlier regulatory environment.

Blockchain Association Pushes for Change: Five-Point Plan to Revitalize U.S. Crypto Oversight

In a letter, the group outlined a five-point plan for reform. The proposal seeks to restructure federal oversight of the cryptocurrency industry to encourage innovation and growth.

“For years, American crypto innovators have been targeted and, in some cases, driven offshore by a hostile regulatory regime,” the letter stated.

It expressed hope that the incoming administration could change this.

The association also criticized what it described as the “debanking” of crypto companies.

It said many have restricted access to traditional banking services, making managing operations such as paying employees and taxes difficult.

It urged an end to this practice to enable smoother operations for businesses in the sector.

Leadership changes at the Securities and Exchange Commission (SEC) and the Treasury Department were also prioritized.

The association pointed to the SEC’s enforcement-driven approach under current leadership, which has stifled innovation.

It also called for revising the SEC’s stringent accounting guidelines and improving tax policies at the Treasury and IRS to prevent the offshore movement of blockchain businesses.

The group proposed forming a crypto advisory council to bridge the gap between government and industry.

This council would collaborate with Congress and regulatory agencies to craft policies that balance regulatory oversight with technological growth.

Trump Administration Seen as a Beacon of Hope for Crypto Regulatory Reform

On October 31, the Blockchain Association revealed that the SEC has cost companies nearly half a billion dollars in legal expenses tied to digital asset litigation.

According to an October 31 update on the BA’s “regulation by enforcement” page, the SEC filed 104 cases against the crypto sector between 2021 and 2023.

The group highlighted that its member companies, representing only a “small slice of the industry,” reported spending roughly $426 million on defensive litigation during that period.

The BA’s findings come as the crypto industry looks to President-elect Donald Trump for regulatory reform.

Trump’s choices for key financial roles, such as Treasury Secretary, could influence the pace of change.

Reports suggest that former Federal Reserve Board member Kevin Warsh is a strong contender. Warsh could also replace Federal Reserve Chair Jerome Powell in 2026 if appointed.

While Trump’s team is reportedly considering creating a White House post focused on cryptocurrency, it’s uncertain how quickly these reforms will take shape.