Strategic Crypto Initiatives Proposed for Trump’s First 100 Days in Office
The Blockchain Association, a prominent advocacy group representing over 100 member organizations within the digital asset sector, has proactively engaged with President-elect Donald Trump and the newly formed US Congress. Their objective is to foster a supportive regulatory landscape for the burgeoning cryptocurrency industry.
Trump’s campaign promises included robust backing for the cryptocurrency domain, notably through initiatives like establishing a National Bitcoin Reserve and incentivizing Bitcoin mining. In alignment with these goals, the Blockchain Association has proposed a set of five strategic actions for the incoming administration, emphasizing their implementation within the initial 100 days of Trump’s presidency. These actions are essential to positioning the United States as a global leader in the crypto arena.
The foremost recommendation is the creation of a comprehensive regulatory framework tailored to the crypto industry. This framework should be developed through bipartisan legislation, aiming to strike a balance between fostering innovation and safeguarding consumer interests.
Moreover, the association urges Trump to address the issue of debanking in the digital assets sector. Many crypto companies have struggled to secure access to traditional banking services, hindering their operational efficiency in areas like employee remuneration and tax compliance.
A significant change in leadership is recommended at the Securities and Exchange Commission (SEC) following Gary Gensler’s impending resignation on January 20. The Blockchain Association advocates for a new chairman who will champion a more equitable and transparent regulatory strategy, including the reversal of the SEC’s SAB 121 policy.
Another critical point in the advocacy group’s letter is the call for fresh leadership at the US Treasury and the Internal Revenue Service (IRS). These departments should formulate appropriate tax regulations for digital asset enterprises and eliminate proposed rules, such as the Broker Rule, which could drive innovative projects offshore.
In a noteworthy development, Trump has appointed billionaire hedge fund investor and Bitcoin supporter Scott Bessent as the next Treasury Secretary, a move likely to align with the Blockchain Association’s requests.
Lastly, the association proposes the creation of a dedicated crypto advisory council. This council would work collaboratively with Congress and federal agencies to develop industry-appropriate regulations while ensuring robust investor protection.
Current Trends in the Cryptocurrency Market
In related developments, the digital asset market is witnessing remarkable growth, with its market capitalization reaching an impressive $3.28 trillion, reflecting a 0.5% increase over the last 24 hours. Bitcoin continues to lead the market, holding a dominant position with a 58.7% share. The leading cryptocurrency is on the brink of reaching the $100,000 price milestone, following a sustained upward trend that began in early October.
As the digital currency landscape evolves, these proposed regulatory measures and market dynamics underscore the critical need for a supportive framework that nurtures innovation while ensuring market stability and investor confidence. The collaborative efforts between the government and the crypto industry will be instrumental in shaping the future of digital finance.
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