Blockchain Association Urges Trump Administration to Prioritize Crypto Regulations
Key Areas for Crypto Regulation According to Blockchain Association
- Establishment of a crypto regulatory framework
- Appointment of a new SEC chair
- Ending the debanking of crypto companies
- Creation of a crypto advisory council
The Blockchain Association has reached out to President-elect Donald Trump, emphasizing the importance of focusing on key areas related to crypto regulations in the first 100 days of the new administration.
With close to 100 members, the association highlighted the critical areas that they believe should be the primary focus for Trump’s government and Congress as outlined in a letter submitted on Nov. 22.
One of the top priorities identified by the crypto and blockchain advocacy group is the establishment of a comprehensive crypto regulatory framework to support the industry’s growth and innovation.
Blockchain Association CEO Kristin Smith expressed optimism about Trump’s vision to position America as the leading crypto hub globally, emphasizing the need for a collaborative effort between the administration, Congress, and industry stakeholders to achieve this goal.
Call for Action: New SEC Chair and Regulatory Reforms
In addition to regulatory framework establishment, the Blockchain Association is advocating for the appointment of a new SEC chair, addressing the issue of debanking crypto companies, and rolling back SAB 121.
The association also underscores the importance of appointments within the Treasury Department and IRS, as well as the creation of a dedicated crypto advisory council. This council aims to work closely with government bodies and regulatory agencies to facilitate innovation in the crypto space without hindering progress.
According to the association, a collaborative approach involving public-private partnerships is crucial for developing effective regulations that support technological advancements while safeguarding consumer interests.
Recent reports suggest that the Trump administration is considering appointing a “crypto czar” to oversee crypto-related matters at the White House. Furthermore, several individuals with pro-crypto stances are being considered for the role of the next SEC chair, following Gary Gensler’s upcoming departure in January.
Trump’s election victory has had a positive impact on the crypto market, with Bitcoin nearing the $100,000 mark and other altcoins like XRP, Solana, and Cardano experiencing significant rallies amidst the optimistic sentiment.
