As President-elect Donald Trump prepares to take office, the Blockchain Association is seizing the moment, outlining a five-point plan aimed at overhauling cryptocurrency and blockchain regulation. The Washington, DC-based advocacy group has called for sweeping reforms in the sector, urging Trump to prioritize crypto-friendly policies during his first 100 days in office.
The Need for Crypto Reform
For years, American crypto innovators have faced a challenging regulatory environment, forcing many to move their operations offshore. The Blockchain Association aims to reverse this trend by urging Trump to embrace a forward-thinking approach to cryptocurrency. Their message is clear: “Your arrival in Washington, D.C., has the potential to change that reality.”
The Five-Point Plan
1. A Framework for Innovation
The Association’s top priority is the creation of a regulatory framework that fosters innovation while safeguarding consumers. They stress the need to end the U.S. government’s “regulation by enforcement” approach, which has stifled growth and driven businesses away.
2. Stop Debanking Crypto Companies
The group is calling for an end to the debanking of cryptocurrency businesses. This would ensure that crypto companies can access essential banking services, leveling the playing field and supporting industry growth.
3. SEC Leadership Shake-Up
A major highlight of the plan is appointing a new SEC chair who will repeal SAB 121, an accounting bulletin criticized as being anti-crypto. The Association sees this as a critical step in fostering a friendlier regulatory environment.
4. Reforming Treasury and IRS Leadership
The Association recommends appointing pro-crypto leadership at the Treasury and IRS. With Howard Lutnick already confirmed as Secretary of Commerce, Trump is reportedly considering Kevin Warsh as Treasury Secretary. Warsh could transition to Federal Reserve Chair in 2026, potentially signaling a long-term crypto-friendly shift in U.S. monetary policy.
5. A Crypto Advisory Council
Finally, the Association urges the creation of a crypto advisory council to work with Congress and regulatory agencies. This council would act as a bridge between the government and the industry, ensuring that policies reflect the needs of innovators while protecting consumers.
What’s Next for Crypto Under Trump?
Trump’s administration has already begun exploring the possibility of creating an official White House position dedicated to cryptocurrency regulation. This proactive approach could signal a monumental shift for the U.S. as it aims to reclaim its position as a global leader in blockchain innovation.
Why This Matters
The proposed reforms represent a chance for the U.S. to build a thriving crypto ecosystem. By ending hostile policies and fostering innovation, the U.S. could attract investments, create jobs, and position itself as the leader in blockchain technology.
Conclusion
The Blockchain Association’s five-point plan is ambitious, but it reflects the urgent need for regulatory clarity in the cryptocurrency space. As Trump’s administration takes shape, the crypto industry will be watching closely to see whether these proposals translate into real action, paving the way for a more supportive and innovative environment.