As the United States prepares for the administration of President-elect Donald Trump, the Chamber of Digital Commerce’s Token Alliance has outlined a detailed agenda to reshape the Securities and Exchange Commission’s (SEC) approach to digital asset regulation. The priorities outlined in meetings with SEC Commissioners Hester Peirce and Mark Uyeda aim to establish a clear, transparent, and collaborative regulatory framework for the digital asset industry.

Additionally, the Alliance recommends retracting the proposed amendments to Rule 3b-16, aimed at expanding the definition of 'exchange platform' to include decentralized financial (DeFi) markets. The Alliance argues that these amendments could impose unrealistic compliance burdens on emerging DeFi technologies.

The agenda also calls for an immediate review of the ongoing SEC investigations, Wells notices, and related litigation concerning digital assets. By addressing these issues, the Alliance hopes to reset the historically contentious relationship of the SEC with the cryptocurrency asset industry.

Another important proposal is to reconsider the rules protecting custodial rights, including removing state-licensed banks and trusts from qualifying custodial entities, a move that could undermine institutional confidence in cryptocurrency custodial solutions.

One of the most urgent priorities is the repeal of SAB 121, an accounting rule that requires custodial service providers to list customer assets on their balance sheets. The Alliance argues that this rule creates unnecessary risks and accounting complexities for digital asset companies.

The nominee for SEC Chairman, Paul Atkins, along with Commissioners Peirce and Uyeda, is in a position to assess and address these concerns. The Token Alliance emphasizes the importance of replacing outdated policies, informal guidance, and enforcement-focused regulations with formal regulations and feasible no-action letters.

The proposed timeline for these changes extends over the first 90 days of the new administration. The Alliance expressed optimism about the dialogue during the meeting, emphasizing the shared desire to rebuild trust between the SEC and the global digital asset community.

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