Blockchain association urges Trump to reform crypto policies
The association proposes establishing a crypto advisory council to collaborate with Congress and regulators, emphasising a balanced regulatory framework that protects consumers while promoting growth.
The Blockchain Association has sent a letter to president-elect Donald Trump and Congress, outlining key reforms for the crypto industry during the first 100 days of Trump’s administration. The letter, signed by CEO Kristin Smith, highlights the need for new leadership at the IRS and Treasury Department, alongside changes to policies hindering crypto innovation.
Smith criticised inconsistent taxation on digital assets and the IRS’s ‘Broker rule’, which requires brokers to disclose gains and losses on crypto transactions, warning it could drive businesses offshore. The association also called for rolling back the SAB 121 accounting guideline, labelling it ‘punitive’ and harmful to crypto firms.
The letter further urged reforms to end the exclusion of crypto companies from traditional banking, citing the need for fair access to financial services. To support innovation, the Blockchain Association proposed creating a crypto advisory council to work alongside Congress and regulators.
The association emphasised the importance of a balanced regulatory framework to protect consumers while fostering growth, stressing the role of public-private partnerships in establishing effective policies.
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